ICICI Prudential Life Insurance IPO was subscribed 10.42 times on the last day of offer till 5 pm. The public offer has received bids for 1,37,99,40,760 shares against 13,23,78,973 shares offered by the company, according to the data available with NSE. The company has fixed a price band of Rs 300-334 per share. The issue was opened for subscription of September 19 (Monday).
This ongoing public offer is the biggest IPO after Coal India which hit capital markts in 2010 and raised over Rs 15,000 crore. ICICI Prudential Life filed the draft red herring prospectus with the market regulator Securities and Exchange Board of India (Sebi) on July 18 and got the regulator’s nod on September 2.
ICICI Bank holds around 68 per cent stake in the insurer, while Prudential has 26 per cent. Last November, the private lender ICICI Bank sold nearly 6 per cent stake in ICICI Prudential to Temasek and PremjiInvest. The shares were offloaded for around Rs 1,950 crore, valuing the insurer at Rs 32,500 crore.
Temasek owns 2 per cent stake in the insurance company while PremjiInvest holds 4 per cent.
DSP Merrill Lynch and ICICI Securities are global coordinators and book running lead managers to the issue. Others are CLSA, Deutsche, Edelweiss, HSBC, IIFL, JM Financial, SBI Capital Markets and UBS.
According to Sharekhan, ICICI Prudntial Life’s Indian embedded value at March 31, 2016 was Rs 13,939 crore. As per the same, the company is valued at 3.09 times and 3.44 times respectively on the lower and upper price bands.