ICICI Prudential Life to make its debut on September 29
DSIJ Intelligence / 29 Sep 2016
ICICI Prudential Life is all set to make its stock market debut on September 29. The 6000 crores IPO is the biggest IPO in the last 6 years. The issue which opened on September 19, was oversubscribed 10.48 times.
ICICI Prudential Life is all set to make its stock market debut on September 29. The 6000 crores IPO is the biggest IPO in the last 6 years. The issue which opened on September 19, was oversubscribed 10.48 times. The reserved portion of qualified institutional buyers was oversubscribed 11.83 times and non-institutional investors' category 28.55 times. The reserved category of retail investors was oversubscribed 1.42 times and shareholders' portion 12.2 times. The price band for the IPO was Rs 300 to Rs 334 per share.
The purpose of the offer is to achieve the benefits of listing the equity shares of the company on the stock exchanges, which will enhance its brand name and provide a public market for the equity shares in India. ICICI Prudential Life Insurance will become India’s first insurance company to hit capital markets. It is the biggest IPO since Coal India in 2010 in terms of rupees. It is the largest life insurance company in India by asset under management and total premium as on FY16.
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