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ICICI Pru IPO aims to raise Rs 6,000 cr

 ICICI Prudential Life Insurance, which is set to hit the market next week, aims to raise Rs 6,000 crore through the initial public offer (IPO).


ICICI Pru IPO aims to raise Rs 6,000 cr

New Delhi: ICICI Prudential Life Insurance, which is set to hit the market next week, aims to raise Rs 6,000 crore through the initial public offer (IPO).

The insurer's initial share sale, which will open on September 19 and close on September 21, involves an offer of up to 18,13,41,058 equity shares of a face value of Rs 10 each by its shareholders including the promoter ICICI Bank through an offer for sale.

IPO constitutes 12.63 per cent of the post-offer paid-up equity share capital of the company. The net offer will constitute 11.37 per cent of the post-offer, paid-up equity share capital of the company, the company's executive director Puneet Nanda said.

It is the country's first insurer to launch a public offer and has fixed IPO price band at Rs 300-334 per equity share to raise around Rs 6,000 crore.

In the 2015-16 fiscal, ICICI Pru Life total premium stood at Rs 19,164 crore. Its persistency ratio was 82.4 per cent, the highest in the sector, while AUM was at Rs 1.09 trillion (Rs 1.09 lakh crore). The total expenses of the entity are one of the lowest at 14.6 per cent.

The overall market share of the company was 11.3 per cent on retail weighted received premium last fiscal. 

From Zee News

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