ICICI Prudential Life Insurance Company to list shares on Sep 29

India's largest private sector life insurer ICICI Prudential Life Insurance Company will list its equity shares on September 29. It has fixed issue price at higher end of price band of Rs 300-334 per share. The Rs 6,057-crore public issue was oversubscribed 10.48 times. The reserved portion of qualified institutional buyers was oversubscribed 11.83 times and non-institutional investors' category 28.55 times. The reserved category of retail investors was oversubscribed 1.42 times and shareholders' portion 12.2 times. The 18.13 crore IPO, which opened for subscription during September 19-21, was an offer for sale by ICICI Bank . It was the largest IPO in last six years after Coal India's Rs 15,000-crore public issue. Incorporated at Mumbai in July 2000, ICICI Prudential Life is a joint venture between India's largest private sector lender ICICI Bank and Prudential Corporation Holdings, a part of the UK-based Prudential Group. After the issue, ICICI Bank's stake reduced to around 55 percent from 67.52 percent earlier. Prudential Corporation Holdings held 25.83 percent stake in the company. Hasham Traders, owned by Azim Premji, held 4 percent stake in the insurance company and Compassvale Investments, an indirectly wholly owned subsidiary of Temasek, has 2 percent shareholding.