ICICI Prudential Life Insurance IPO Subscribed 16% On First Day
The public issue received bids for 2.09 crore shares by almost 1.6 lakh applicants.
The initial public offering of ICICI Prudential Life was subscribed 0.16 times on its first day of the issue.
The public offer received bids for 2.09 crore shares as against the 13.23 crore on offer by almost 1.6 lakh applicants, according to data available on the stock exchanges till 5:00 pm.
The quota reserved for retail investors was subscribed 0.25 times, while the portion for high networth individuals was subscribed 0.04 times. Shares reserved for qualified institutional buyers saw a subscription of 6 percent.
The insurer had earlier raised Rs 1,635 crore by issuing shares to anchor investors at the upper end of the price band.
The price band for the Rs 6,057-crore IPO has been fixed at Rs 300-334 per share.
This is India’s first insurance IPO and also the biggest primary market issue in the last six years.