ICICI Prudential Life Insurance IPO Subscribed 10.45 Times On Final Day
The initial public offering of ICICI Prudential Life was oversubscribed 1.08 times
ICICI Prudential Life Insurance’s Rs 6,057-crore initial public offering attracted witnessed demand on the third and final day of the offer.
The issue, excluding the anchor book, drew bids 10.44 times the shares on offer as of 6 pm, stock exchange data showed. The share sale recieved bids from almost 11 lakh applicants.
The institutional investor category was subscribed 11.83 times of 32.64 million shares on offer, while the non-institutional category comprising high networth individuals was subscribed 28.55 times. A little more than 24.48 million shares were reserved for the latter.
Retail investors, whose investments cannot exceed Rs 2 lakh per individual, subscribed to 1.34 times of the 57.12 million shares on offer, data showed.
The portion reserved for shareholders – existing ICICI Bank shareholders as on 7 September and looking to bid additional shares – was subscribed 12.2 times.
The insurer had earlier raised Rs 1,635 crore by issuing shares to anchor investors at the upper end of the price band. The anchor book is the portion of the IPO that bankers allot to institutional investors on a discretionary basis.
The share sale by the country’s biggest private life insurance company would be the largest IPO since Coal India Ltd.’s Rs 15,400 crore offering in 2010, according to data compiled by Bloomberg.
The issue, which opened on September 19, consists of an offer for sale of more than 1.8 crore equity shares of face value of Rs 10 each. ICICI Bank is looking to sell 18.7 percent stake through the issue. The price band for the IPO has been fixed at Rs 300-334 per share. At the upper end of the price band, the company will command a valuation of Rs 48,000 crore.