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ICICI Prudential Life Insurance Company slips on debut

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by September 29, 2016 General

Capital Market 

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Shares of ICICI Prudential Life Company were trading at Rs 322.20 at 10:25 on BSE, a discount of 3.53% over the initial public offer price of Rs 334.

The stock debuted at Rs 329, a discount of 1.50% to the initial public offer (IPO) price. So far the stock hit a high of Rs 333.90 and low of Rs 315.65. On BSE, so far 39.79 lakh shares were traded on the counter.

ICICI Prudential Life Company had priced the IPO at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times.

The IPO comprised sale of up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS was paid to ICICI Bank.

Ahead of the IPO, ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors. The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Prudential is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016. ICICI Prudential is a joint venture between and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life companies in India. It commenced operations in October 2000 and offers a range of life insurance, health and pension products and services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

ICICI Prudential Life Insurance Company slips on debut

Shares of ICICI Prudential Life Insurance Company were trading at Rs 322.20 at 10:25 IST on BSE, a discount of 3.53% over the initial public offer price of Rs 334.

Shares of ICICI Prudential Life Company were trading at Rs 322.20 at 10:25 on BSE, a discount of 3.53% over the initial public offer price of Rs 334.

The stock debuted at Rs 329, a discount of 1.50% to the initial public offer (IPO) price. So far the stock hit a high of Rs 333.90 and low of Rs 315.65. On BSE, so far 39.79 lakh shares were traded on the counter.

ICICI Prudential Life Company had priced the IPO at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times.

The IPO comprised sale of up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS was paid to ICICI Bank.

Ahead of the IPO, ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors. The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Prudential is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016. ICICI Prudential is a joint venture between and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life companies in India. It commenced operations in October 2000 and offers a range of life insurance, health and pension products and services.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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