ICICI Prudential Life Insurance lists below issue price

The stock is listed at Rs 330, 1.2% below its issue price of Rs 334 per share, on the National Stock Exchange

ICICI Prudential Life Insurance has listed at Rs 330, 1.2% below its issue price of Rs 334 per share, on the National Stock Exchange (NSE).

At 10:01 am, the stock was trading at Rs 331.60, after hitting a high of Rs 333.80 post its listing.

ICICI Prudential Life Insurance has raised Rs 6,057-crore through initial public offer (IPO), become the first insurer to list.

The company’s public issue was oversubscribed 10.5 times. The quota set aside for qualified institutional buyers was subscribed 11.83 times while for the non-institutional investor category, it was 28.55 times. The retail portion was oversubscribed 1.42 times, the exchange data shows.

The insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings. Singapore’s Temasek and PremjiInvest are also the shareholders.

At the end of financial year 2016 (FY16), ICICI Prudential was the biggest private sector insurer in the Country having a market share of 11.3%. The company has 521 offices with around 10,663 employees and 121,016 advisors all over India as of FY16. ICICI Prudential Life’s total premium and net profit has risen at a CAGR of 8% and 5% in the past four years, respectively.

Article Source: Business Standard

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