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.
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.
The company, which filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi) on July 18, got the regulator’s go-ahead on September 2.
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 per cent of the offer) for the shareholders of ICICI Bank.
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 insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings. Singapore’s Temasek and PremjiInvest also are shareholders.