ICICI Prudential IPO kicks off on D-Street; issue biggest in six years

ICICI Prudential Life Insurance's Initial Public Offering (IPO), worth up to Rs 6,057 crore and biggest for Indian markets in about six years, hit the capital market on Monday.

As on 10:30 am, the issue received bids for 20,27,388 shares against the issue size of 13,23,78,973 shares, data on the NSE showed.

The issue is scheduled to close on September 21, during which the stock would be offered in a price band of Rs 300-334 per share.

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.

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 per cent of the offer) for the shareholders of ICICI Bank.

The offer would constitute 12.63 per cent of the company's post-offer paid-up equity share capital.

At the upper end of the price band, the offer would be worth Rs 6,057 crore.

This would be the biggest initial public offering after Coal India. The state-run firm had hit the capital markets in 2010 to raise over Rs 15,000 crore.