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Securities market regulator SEBI has cleared the initial public offering of ICICI Prudential Life Insurance Company. This will be the first IPO in the life insurance space in the country.
SEBI issued its observations last Friday. The IPO is an offer-for-sale of over 18.13 crore shares by its promoter ICICI Bank. Of this, up to 10 per cent shares have been earmarked for shareholders of ICICI Bank and about 45 per cent for institutional investors.
The company had filed its draft red herring prospectus on July 18.
Azim Hasham Premji holds 4.01 per cent stake in the life insurer for Hasham Traders.
Nil proceedsThe company would not receive any proceeds from the IPO as it is an OFS.
The net asset value of the life insurer was ₹37.17 a share, on a consolidated basis for every share of face value ₹10 each. The embedded value of the company is ₹13,939 crore as on March 31, 2016, and net profit was ₹1,653 crore. The gross premium income was ₹19,164 crore besides ₹1.04-lakh crore of assets under management.
DSP Merrill Lynch, ICICI Securities, CLSA India, Deutsche Equities, Edelweiss Financial Services, HSBC Securities & Capital Markets, IIFL Holdings, JM Financial Institutional Securities, SBI Capital Markets and UBS Securities are the merchant bankers to the issue. Karvy is the registrar to the IPO.
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