ICICI Prudential sets IPO price at Rs 300-334 per share

ICICI Bank has set a price band of Rs 300 to Rs 334 per share for the Initial Public Offer (IPO) of its subsidiary ICICI Prudential Life. 

The public offer comprises up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, representing about 12.65 per cent of its equity share capital for cash, through an offer for sale by ICICI Bank, as per the draft papers. 

At the lower band of the IPO price, the company is valued at over Rs 54,000 crore and at Rs 334 per share, the valuation reaches approximately Rs 60,570 crore. 

The IPO will open on on September 19. 

ICICI Prudential is a joint venture between the Indian multinational bank and UK's Prudential Corporation Holdings in which ICICI Bank has around 68% stake in the company, while Prudential holds 26%.

“The Offer will be open for subscription to public on Monday, September 19, 2016 and shall close on Wednesday, September 21, 2016. The Price Band has been fixed between Rs 300 to Rs 334 per Equity Share,” the company said in a statement.