ICICI Prudential IPO: Shares list at 1% discount

ICICI Prudential Life Insurance Company on Thursday listed at 1.4% discount on BSE. It opened at Rs 329 and touched a high at Rs 333.90.

At 1004 hours, the shares of newly listed company was trading at Rs 332 per piece, up Rs 3, or 0.91%.

The company had concluded its Rs 6000-crore IPO last week. The public issue was oversubscribed 10.48 times.

The company had fixed price the band of Rs 300-334 per share. The IPO was open on 19 September which was ended on 21 September.

It was India’s biggest IPO of shares in six years since Coal India's Rs 15,000 crore IPO in 2010. Also, it was the first by an insurer in India.

The IPO saw insurer's parent ICICI Bank selling an about 12.63% stake, aimed to raise as much as Rs 6,057 crore. 

ICICI Prudential is a tie up between ICICI Bank and Prudential Partners. Singapore's Temasek and PremjiInvest are also the shareholders.

ICICI Bank holds 68% stake of ICICI Prudential, while Prudential Partners hold 26%. Singapore's Temasek Holdings own 2% in the company, along with Premji Invest holding a 4% stake in the life insurance service provider.