Shares of ICICI Prudential Life Insurance made a sluggish debut at 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 a day’s low of Rs 315.65, a slump of 5.49 per cent.
At 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.