The initial public offering (IPO) of ICICI Prudential Life Insurance was subscribed 10.43 times on Wednesday, the final day, with investors bidding for 138 crore shares of the total 13.23 crore shares on offer.
ICICI Prudential Life Insurance raised Rs 6,057 crore in a price range of Rs 300-Rs 334 per share. The IPO was entirely an offer for sale (OFS) of 18.1 crore equity shares of face value of Rs 10 each by ICICI Bank.
Qualified institutional buyers (QIBs) bid for 38.62 crore shares of the total 3.2 crore shares on offer or nearly 12 times their quota. High net-worth (HNIs) individuals bid for 69.89 crore shares of the 2.44 crore shares reserved for them or nearly 29 times the quota. Retail investors bid for nearly 1.3 times of their quota or 7.44 crore shares of the 5.71 crore shares reserved for them. The issue had reserved 1.81 crore shares for shareholders of ICICI Bank, these shareholders bid for 22.13 crore shares or 12.2 times of their quota.
On August 16, the company raised Rs 1,635.33 crore by allotting 4.89 crore shares to anchor investors at a price of Rs 334 apiece. Among the investors who were allotted shares in the pre IPO placement include Government of Singapore, Nomura India Investment Fund Mother Fund, Goldman Sachs (Singapore), Morgan Stanley Mauritius Company and Tata Balanced Fund, among others.