ICICI Prudential Life’s IPO subscribed 15.78 per cent on day 1

ICICI Bank is going to trim 12.63 per cent stake and raise about Rs 6056 crore through ICICI Prudential Life’s IPO with price band of Rs 330- Rs 334 per share.  The subscription started on Monday and subscribed almost 15.78 per cent. On September 16, ICICI Bank raised Rs 1635.33 crore by selling shares as part of the Rs 6056 crore public issue.

The IPO received applications for 20.89 million shares against 132.37 million shares. The institutional investor category was subscribed 5.8 per cent, while the non-institutional category comprising high-net-worth individuals was subscribed 4.4 per cent or 0.04 times. The retail investors, whose investments cannot exceed Rs 2 lakhs per individual, subscribed to 24.93 per cent of the 57.12 million shares on offer.

The portion reserved for shareholders was subscribed 20.15 per cent. This portion is for existing ICICI Bank shareholders as on September 7.

Incorporated in 2001 as a joint venture between ICICI Bank and Prudential Corporation Holdings, ICICI Prudential Life Insurance Company is a Mumbai based, and by far the largest private sector life insurer in India. The company has a market share of 11.3 per cent on a retail weighted premium basis in India.