ICICI Prudential Life Insurance Co Ltd on Friday raised ₹1,635.33 crore from anchor investors ahead of its initial public offering that opens for subscription on Monday.
ICICI Prudential Life - the first insurance company to tap capital market - has allotted 4.896 crore shares to 38 anchor investors at ₹334 a share, which is the upper end of the price band of ₹300-334 a share.
The company plans to raise about ₹6,000 crore through the issue, which will close for subscription on Wednesday.
Morgan Stanley Mauritius Co Ltd, Goldman Sachs (Singapore) Pte, Government of Singapore, UTI Trustee Co Ltd, SBI Trustee Co Ltd, Birla Sun Life Trustee Co Pvt Ltd, L&T Mutual Fund Trustee Ltd, Nomura India Investment Fund, Monetary Authority of Singapore, Chennai 2007, GMO Trust, IDFC Trustee Co Ltd, and Kotak Mahindra Trustee Co Ltd are some of the key anchor investors.
It allotted 62.1 lakh shares to Morgan Stanley Mauritius Co, 43.6 lakh shares to the Government of Singapore, and 28.4 lakh shares to UTI Trustee Co.
ICICI Bank will offload 12.65 per cent of its stake in ICICI Prudential Life Insurance through the initial public offer. The lender is the majority shareholder in the insurance joint venture with Prudential Corp Holdings Ltd.
ICICI Bank currently holds 68 per cent stake in ICICI Prudential Life Insurance, while Prudential Corp Holdings holds 26 per cent.