ICICI Prudential Life Insurance Co., which attracted orders for 10.5 times the amount of stock on offer in the initial public offering, is likely to be listed by the end of September.
Speaking to BloombergQuint, ICICI Bank Ltd. Managing Director and Chief Executive Officer Chanda Kochhar said the company will complete the formalities for the stock market debut within the next week.
Kochhar added that the scope for growth for the life insurance industry is huge despite the growing competition, as the current penetration is low.
We have a young demographic and we also have insurance quite under-penetrated as of now. So I think we have a huge demand whether on the saving side or the protection side. You have some very good strong players so you’ll continuously see competition.Chanda Kochhar, Managing Director and Chief Executive Officer, ICICI Bank
Kochhar added that the company is looking to develop its multi-channel distribution architecture. “We will keep looking to how to further strengthen each one of the channels including bank assurance.”