The Rs 6,057-IPO of ICICI Prudential Life Insurance, which recently got overwhelming response from investors and got oversubscribed by 10.48 times, is going to be listed on bourses on Thursday.
The public offer of the insurer had received bids for 1,38,77,01,348 shares against 13,23,78,973 shares offered by the company. ICICI Prudential Life was opened for subscription from September 19 to 21.
The company had fixed a price band of Rs 300-334 per share. This was the biggest IPO after Coal India, which had hit the capital markets in 2010 to raise over Rs 15,000 crore.
ICICI Prudential Life Insurance is a joint venture between private sector lender ICICI Bank and UK’s Prudential Corporation Holdings.
Singapore’s Temasek and PremjiInvest are also the shareholders. ICICI Bank holds around 68 per cent stake in the insurer while Prudential has 26 per cent.
PremjiInvest holds 4 per cent in the insurance company while Temasek owns 2 per cent.
The objectives of the public offer was to get the benefits of listing the equity shares of the company on the stock exchanges.
The listing of equity shares will enhance the ‘ICICIPrudential’ brand name and provide liquidity to the existing shareholders.
As on June 30, 2016, the company’s solvency ratio was 320.5 per cent compared to the IRDAI-prescribed control level of 150 per cent.
At present, there is no listed life insurance companies in India. Max Financial Services (MFS), which is a holding company for Max Life Insurance, is the only listed company, where the listed parent holding company’s main operating business is that of life insurance.