ICICI Prudential Life Insurance Raises Rs 1,635 Crore From Anchor Investors Ahead Of IPO
The life insurance company issued 48,962,085 equity shares to anchor investors at Rs 334
ICICI Prudential Life Insurance Ltd. allocated shares worth Rs 1,635.3 crore to anchor investors in India and overseas, ahead of its initial public offering.
The life insurance company issued 48,962,085 equity shares at Rs 334 per equity share to anchor investors, it said in a press release today.
ICICI roped in 38 anchor investors including the Government of Singapore, Monetary Authority of Singapore, Morgan Stanley Mauritius Co. and Nomura India Investment Fund. 11 domestic mutual funds were also part of the list.
The anchor investors will be required to pay the difference between the discovered offer price and the anchor investor allocation price, in case, the former is higher than the latter, as per SEBI regulations.
What’s On Offer?
The country’s largest private sector insurer will offer 181,341,058 equity shares of face value Rs 10 each. The company has reserved up to 10 percent of the issue for shareholders of ICICI Bank Ltd.
ICICI Prudential Life is a joint venture between ICICI Bank and Prudential Plc, a financial services company based in the U.K. ICICI Bank holds 67.62 percent stake, while Prudential owns the remaining 25.87 percent.
The price band has been fixed at Rs 300 to Rs 334 per equity share. At the upper end of the band, the offer would be worth Rs 6,057 crore.
The company has reserved up to 50 percent of the issue for qualified institutional buyers, up to 15 percent for high networth individuals and the remaining 35 percent for retail Investors.
The initial share sale, biggest for Indian markets in about six years, will open on September 19 and close on September 21.