Life is not a template and neither is mine. Like several who have worked as journalists, I am a generalist in my over two decade experience across print, global news wires and dotcom firms. But there has been one underlying theme in each phase; life gave me the chance to observe and tell a story -- from early days tracking a securities scam to terror attacks and some of India's most significant court trials. Besides writing, I have jumped fences to become an entrepreneur, as an investment advisor -- and also taught the finer aspects of business journalism to young minds. At Forbes India, I also keep an eye on some of its proprietary specials like the Rich list, GenNext and Celebrity lists. An alumnus of Xavier Institute of Communications and H.R College of Commerce and Economics in Mumbai, I have worked for organisations such as Agence France-Presse, Business Standard, The Financial Express and The Times of India prior to this.
The Rs 6,057 crore ICICI Prudential Life Insurance initial public offering (IPO) was lapped up by investors on the last day of its offering on Wednesday. This is the first public offering from a life insurance company in India and one of the largest shares sales of its type in the past six years.
Data from the Bombay Stock Exchange and the National Stock Exchange showed that the issue was oversubscribed 10.46 times, on Friday evening. Bids were placed for 138.45 crore equity shares, against an issue size of 13.23 crore equity shares.
Retail investors had so far bid for 7.3 crore shares or 1.3 times the quota set out of 5.7 crore shares. The Non-institutional investors’ portion of shares over subscribed nearly 12 times while the qualified institutional buyers (QIB) portion was subscribed over 28 times.
The issue is an offer for sale from ICICI Bank and Prudential Corporation Holdings Ltd. ICICI Bank plans to divest 12.63 percent in the life insurance arm. On March 31 this year, ICICI bank held a 67.6 percent stake in the life insurance arm while Prudential Corp held a near 26 percent stake.
ICICI Prudential had filed for an IPO with the Securities and Exchange Board of India in July and got clearance from the regulator in early September.
The listing of insurance firms will ensure greater transparency of their functioning. The global book running lead managers to the offer were DSP Merrill Lynch and ICICI Securities.
The book running lead managers were CLSA India, Deutsche Equities India, Edelweiss Financial Services, HSBC Securities & Capital Markets (India), IIFL Holdings, JM Financial Institutional Securities, SBI Capital Markets and UBS Securities India.