ICICI Prudential Life Insurance lists below issue price

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD.

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ICICI Prudential Life Insurance has listed at Rs 330, 1.2% below its issue price of Rs 334 per share, on the National Stock Exchange (NSE).

At 10:01 am, the stock was trading at Rs 331.60, after hitting a high of Rs 333.80 post its listing.

ICICI Prudential Life Insurance has raised Rs 6,057-crore through initial public offer (IPO), become the first insurer to list.

The company's public issue was oversubscribed 10.5 times. The quota set aside for qualified institutional buyers was subscribed 11.83 times while for the non-institutional investor category, it was 28.55 times. The retail portion was oversubscribed 1.42 times, the exchange data shows.

The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. Singapore's Temasek and Premji Invest are also the shareholders...Read Source

ICICI Prudential Life IPO subscribed 10 times

The Rs 6,000-crore initial public offering (IPO) of ICICI Prudential Life Insurance Company, the biggest in six years and the first by an insurance company, attracted strong demand from investors. The IPO saw nearly 10 times more demand than shares on offer with bids totalling about Rs 45,000 crore.

Demand was particularly strong from institutional and wealthy investors (those applying for more than Rs 2 lakh). The retail portion, however, was subscribed just 1.3 times. The IPO also had special reservation for individual shareholders of ICICI Bank. The shareholder portion saw 12 times subscription.

The price band for the IPO was Rs 300-334 per share. Given the demand, the IPO is likely to be priced at the top end, valuing the insurer at Rs 48,000 crore.

ICICI Prudential Life’s strong brand, leadership in the private life segment and attractive valuation against its peers (HDFC Life and Max Life combined) attracted investors.

On March 18 enterprise value (EV), ICICI Prudential Life was valued at 2.45-2.73 times, 20-30 per cent discount to the multiple of HDFC and Max Life combined, according to the Nomura report.

Retail participation was low as most demand for the IPO came just hours before the close, said experts. “The issue was barely subscribed two hours before close. As retail investors take cues from others, they didn’t participate thinking the issue is read full story

ICICI Pru's Rs 6,000 crore IPO to open tomorrow

ICICI Prudential Life Insurance's IPO, worth up to Rs 6,057 crore and biggest for Indian markets in about six years, will hit the capital market on Monday (tomorrow).

The first public offer by an insurer in Indian market would open for bidding on September 19 and is scheduled to close on September 21, during which the stock would be offered in a price band of Rs 300-334 per share.

Ahead of the IPO, ICICI Prudential has allocated over 4.89 crore shares at Rs 334, the top-end of the price band, aggregating Rs 1,635.33 crore to a clutch of anchor investors from India and abroad.

It marks one of the biggest anchor investor placements in the Indian IPO market. Among the 40-odd anchor investors are Morgan Stanley, Goldman Sachs, Nomura, Government of Singapore, UTI MF, Russell Investment, GMO Emerging, SBI MF, Tata MF, HDFC Standard Life, Reliance, Birla Sun Life, Kotak Mahindra, IDFC,National Pension Service Managed By Oaktree Capital Management L P and The Boeing Company Employee Retirement Plans Master Trust.

The public offer comprises of up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, including a reservation of up to 1,81,34,105 equity shares(10% of the offer) for the shareholders of  read full story

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