MUMBAI, Sept 8 India’s ICICI Prudential Life Insurance Co Ltd’s initial public offering of shares will open on September 19, parent ICICI Bank said on Thursday, seeking to raise as much as $909 million in the biggest local listing in six years.
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The company, which filed the draft red herring prospectus with capital market regulator Securities and Exchange Board of India (Sebi) on 18 July, got the approval on 2 September.
“The offer will open for subscription on September 19 and shall close on September 21”, ICICI Bank said in a BSE filing today. It also set a price band of 300 rupees to 330 rupees a share for the offering that values the company at about 400 billion rupees.
Prudential will not dilute its stake in the IPO of ICICI Prudential Life Insurance Company while ICICI Bank will be selling its 12.65 per cent stake in the insurer. Britain’s Prudential PLC, which owns almost 26 percent of the insurer, is not selling any of its stake in the IPO, according to a draft prospectus filed in July. Holdings. Singapore’s Temasek and PremjiInvest are also shareholders. This will be the first insurance company in India to be listed on equity markets and the biggest in almost six years. Most probably the IPO would be Rs. 5000 crores worth and earlier it had hit the capital market so as to generate Rs. 15,000 crores in 2010 through State-run firms. ICICI Bank holds around 68 per cent stake in the insurance JV, while Prudential holds around 26 per cent.
For the year financial year ended March 31, ICICI Prudential registered net profit of Rs 250.91 crore against Rs 45.75 crore last year. PremjiInvest holds 4% in the insurance company, while Temasek owns 2% in the firm.
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Others are CLSA, Deutsche, Edelweiss, HSBC, IIFL, JMFinancial, SBI Capital Markets and UBS.
