ICICI Prudential breaks past IPO issue price in style

One of the country’s largest life insurance companies ICICI Prudential has suddenly seen a huge surge in its stock price this week as it has gained close to 10 per cent in the last five trading sessions.

ICICI Prudential Life Insurance for the first time has been comfortably able to breach it’s all important issue price of Rs 334 since its listing on the exchanges on September 29, 2016.

Since the listing day the stock had broadly underperformed due to various factors beyond its control such as surgical strike, the US presidential election and demonetisation move.

However, post all the hiccups, the company seems to be back in the eyes of investors and traders. The stock has been gradually on an upswing since late December which can be gauged from the fact that stock has delivered a healthy return of 15 per cent in the past one month.

The company’s stock was further boosted by government announcement of approving the listing of state-run general insurance majors by bringing down its stake in five of the insurance firms. The five companies include New India Assurance, United India Insurance, Oriental Insurance, National Insurance and General Insurance Corporation of India.

ICICI Prudential was trading with gains of close to 3 per cent at Rs 361.10 on the NSE.