ICICI Prudential Life aims to raise Rs 6,000 crore via IPO - Firstpost
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ICICI Prudential Life aims to raise Rs 6,000 crore via IPO

#ICICI Bank   #ICICI Prudential Life   #IPO  


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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).

Reuters

Reuters

The insurer's initial share sale, which will open on 19 September and close on 21 September, 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 percent of the post-offer paid-up equity share capital of the company. The net offer will constitute 11.37 percent 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 percent, 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 percent.

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

First Published On : Sep 14, 2016 17:51 IST

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