ICICI Prudential fixes IPO price band at ₹300-334/share

Our Bureau Mumbai | Updated on January 16, 2018 Published on September 09, 2016


Issue opens for subscription on Sept 19

ICICI Bank Ltd on Friday said the proposed initial public offer (IPO) of its subsidiary, ICICI Prudential Life Insurance Company Ltd ( ICICI Pru Life), has been approved by Registrar of Companies, Maharashtra at Mumbai.

The offer will be open for subscription to public on Monday, September 19, 2016 and shall close on Wednesday, September 21, 2016. The price band has been fixed between Rs. 300 and Rs. 334 per equity share, the bank said in an exchange filing.

Securities market regulator SEBI had cleared the IPO of ICICI Pru Life on September 7. This will be the first IPO in the life insurance space in the country.

SEBI had issued its observations last Friday. The IPO is an offer-for-sale of over 18.13 crore shares by its promoter ICICI Bank. Of this, up to 10 per cent shares have been earmarked for the shareholders of ICICI Bank and about 45 per cent for institutional investors.

The company had filed its draft red herring prospectus on July 18.

Azim Hasham Premji holds 4.01 per cent stake in the life insurer for Hasham Traders.

Nil proceeds

The company would not receive any proceeds from the IPO as it is an offer-for-sale.

The net asset value of the life insurer was ₹37.17 a share, on a consolidated basis for every share of face value ₹10 each.

The embedded value of the company is ₹13,939 crore as on March 31, 2016, and net profit was ₹1,653 crore. The gross premium income was ₹19,164 crore besides ₹1.04-lakh crore of assets under management.

Published on September 09, 2016
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