ICICI Pru IPO gets bids for 16% on Day 1

Our Bureau Mumbai | Updated on January 16, 2018 Published on September 19, 2016


ICICI Prudential Life Insurance’s initial public offering (IPO) received bids for 16 per cent of the shares on offer, on day one.

The offer, which will close on Wednesday, will bring down ICICI Bank Ltd’s stake by 12.63 per cent and aims to garner about ₹6,056 crore.

At 5 pm, bids for over 2.08 crore shares were received across both the BSE and the NSE. Of these, bids for over 1.52 crore shares were placed at cut-off.

The total IPO size at the upper end of the price band of ₹300-334 is over ₹6,000 crore. The public offer of up to 181,341,058 (over 18.13 crore equity shares) includes an anchor investor portion of 48,962,085 shares (over 4.89 crore shares).

On Friday, 38 institutional investors subscribed to the anchor portion at ₹334 apiece. In addition, 11 fund houses, through 42 schemes, have applied for over 1.64 crore shares at ₹334 apiece, totalling ₹550 crore, according to an exchange filing by ICICI Prudential Life Insurance.

Currently, ICICI Bank holds 67.52 per cent while Prudential owns 25.83 per cent in India’s largest private sector life insurer.

The rest is held by other investors, including billionaire Azim Premji’s firm Hasham Traders, and Compassive Investment, a wholly-owned unit of Singapore’s Temasek Holdings.

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Published on September 19, 2016
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