A venture between ICICI Bank and UK’s Prudential Corporation Holdings, ICICI Prudential Life Insurance shares were listed at Rs 330, 1.2 per cent lower against its issue price. During the day’s trade it touched an intra-day high and low of Rs 333.90 and Rs 295.50 respectively on the Bombay Stock Exchange.
After making a weak opening, shares of company declined as much as 12.21 per cent against issue price to close Thursday’s trade at Rs 297.65 apiece on Bombay Stock Exchange.
In a similar fashion, stocks of company dipped 12 per cent to settle at Rs 296.85 apiece on the National Stock Exchange.
The insurer’s public issue got million plus applications – third in 2016-17 after Larsen & Toubro Infotech and RBL Bank. The IPO received bids for 1,38,58,52,468 shares against the total issue size of 13,23,78,973 shares, data available with the NSE showed.
The quota set aside for qualified institutional buyers (QIBs) was oversubscribed 11.83 times, while for non- institutional investors category it was 28.55 times, media reports said. Retail portion was oversubscribed 1.37 times and ICICI Bank shareholders 12.20 times.