At Rs 5,000 crore, this would be the biggest IPO in nearly six yeras.
ICICI Prudential Life Insurance Company has filed the draft papers with markets regulator Sebi to raise an estimated Rs 5,000 crore, the first by an insurer in India and the biggest in nearly six years.
The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest are also shareholders.
ICICI Bank has around 68% stake in the insurer while that of Prudential is 26%.
The public offer comprises up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, representing about 12.65% of its equity share capital for cash, through an offer for sale by ICICI Bank, as per the draft papers.
The offer includes a proposed reservation of up to 18,134,105 equity shares (10% of the offer) for shareholders of ICICI Bank.
The size of the IPO is estimated to be worth around Rs 5,000 crore, sources said.
Last November, ICICI Bank sold nearly 6% stake in ICICI Prudential to Temasek and PremjiInvest. The shares were offloaded for around Rs 1,950 crore valuing the insurer at Rs 32,500 crore.
This would be the biggest initial public offering after Coal India. The state-run firm had hit the capital markets in 2010 to raise over Rs 15,000 crore.
At the end of March this year, the assets under management of ICICI Prudential -- which started operations in fiscal year 2001 -- stood at Rs 1,039.39 billion, as per its website.
Bank of America Merrill Lynch and ICICI Securities are global book running lead merchant bankers (BRLM) to the issue.
Others are CLSA, Deutsche, Edelweiss, HSBC, IIFL, JM Financial and SBI Capital Markets.
A maximum 50% of the issue size will be reserved for qualified institutional buyers (QIBs), out of which up to 60% for anchor investors and 5% for mutual fund players.
Besides, 35% of total offer size will be set aside for retail investors, with the remaining 15% for non-institutional investors.
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