ICICI Prudential's Rs 6000 crore IPO opens today

Zee Media Bureau

New Delhi: ICICI Prudential Life Insurance will hit the capital market today. The IPO, which will see the insurer`s parent ICICI Bank selling an about 12.63 percent stake, aims to raise as much as 6,057 crore rupees.

The sale opens for public subscription on Monday and will continue until Wednesday, during which the stock would be offered in a price band of Rs 300-334 per share. The IPO is one of the biggest for Indian markets in about six years, and the first ever by any insurer in the market.

The public offer comprises of up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, including a reservation of up to 1,81,34,105 equity shares (10 percent of the offer) for the shareholders of ICICI Bank.

Ahead of the IPO, ICICI Prudential has allocated over 4.89 crore shares at Rs 334, the top-end of the price band, aggregating Rs 1,635.33 crore to a clutch of anchor investors from India and abroad.

It marks one of the biggest anchor investor placements in the Indian IPO market. Among the 40-odd anchor investors are Morgan Stanley, Goldman Sachs, Nomura, Government of Singapore, UTI MF, Russell Investment, GMO Emerging, SBI MF, Tata MF, HDFC Standard Life, Reliance, Birla Sun Life, Kotak Mahindra, IDFC,National Pension Service Managed By Oaktree Capital Management L P and The Boeing Company Employee Retirement Plans Master Trust.

With PTI inputs