Friday, September 9, 2016

Rs 6000 Cr ICICI Prudential Life IPO Opens on Sept 19th

ICICI Prudential Life Insurance Company Ltd is entering in the capital markets with an initial public offering, IPO of 181,341,058 Equity Shares of Rs 10 each. The price band for the issue has been fixed at Rs 300 at lower level and Rs 334 at upper level.

Incorporated in 2001 as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life Insurance Company Ltd is a Mumbai based largest private sector life insurer in India.

ICICI Bank owns 68% of the company and selling 12.65% stake though this IPO. At the upper end of the price band, IPO will raise over Rs 6000 Cr. Britain's Prudential PLC, which owns nearly 26% of the company, is not selling any of its stake in the IPO.

The issue opens on Sep 19, 2016 and closes for subscription on Sep 21, 2016. The equity shares of the issue are proposed to be list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).