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ICICI Pru Life falls 1.5% on debut

Saheli September 29, 2016 Business Comments Off on ICICI Pru Life falls 1.5% on debut
ICICI Pru Life falls 1.5% on debut

Shares of ICICI Prudential Life Insurance made a sluggish debut on the bourses today, falling 1.5 per cent, against the issue price of Rs. 334.

The stock listed at Rs. 329, down 1.49 per cent over the issue price, on BSE. It later touched the day’s low of Rs. 315.65, a slump of 5.49 per cent.

On the NSE, it debuted at Rs. 330, down 1.19 per cent.

The company commands a market valuation of Rs. 46,023.66 crore.

ICICI Prudential Life Insurance recently concluded its Rs. 6,057-crore IPO with an oversubscription of more than 10 times.

The price band was fixed at Rs. 300-334 per share. At the upper end, the offer is worth Rs. 6,057 crore and was open to subscription during September 19-21.

This was the biggest initial public offering after Coal India, which had hit the capital market in 2010 to raise over Rs. 15,000 crore.

The insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings. Singapore’s Temasek and PremjiInvest are also the shareholders.

Source:-The Hindu

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