ICICI Prudential IPO
Established in 2001, ICICI Prudential Life Insurance claims to be the largest private sector life insurer in India. The company is a joint venture between India’s ICICI Bank and UK’s Prudential Corporation Holdings Limited. The company claims to have generated the most new business premiums on a retail weighted received premium basis among all private sector life insurers in India for every year since fiscal 2002.
As the name suggests, ICICI Prudential Life offers a range of insurance products, including but not limited to life insurance, health insurance and pension products.
On a retail weighted received premium basis, ICICI Prudential Life’s market share among all insurance companies in India (public and private sector) stood at 11.3% in FY2016. Among the 23 private sector life insurance companies in India, the company had a market share of 21.9% on a retail weighted received premium basis in FY2016.
The company sells its products through a nationwide network of branches of bank partners, individual agents, corporate agents, employees, offices and its website. As at March 31, 2016, the company had 121,016 individual agents. As of July 12, 2016, ICICI Prudential Life had banking partnership with over 4,500 branches. Bancassurance constituted 58.6% of its retail annualised premium equivalent in FY2016.
|Subscription Dates||19 – 21 September 2016|
|Price Band||INR300 – 334 per share|
|Offer For Sale||181,341,058 shares (INR6,056.7 crore at upper end)|
|Total IPO size||181,341,058 shares (INR6,056.7 crore at upper end)|
|Minimum bid (lot size)||44 shares|
|Face Value||INR10 per share|
|Listing On||BSE, NSE|
|Total issue size||INR6,056.7 crore|
|Offer For Sale (OFS)||INR6,056.7 crore|
|Name of shareholder||Equity Shares||Percentage (%)|
|M/s Hasham Traders||57,435,497||4.01|
|Compassvale Investments Pte. Ltd||28,717,748||2.00|
|Puneet K Nanda||247,500||0.02|
|Kalpana Bharat Sampat||235,000||0.02|
|Binay Kumar Agarwala||185,000||0.01|
|Shuba Rao Mayya||175,000||0.01|
|ICICI Prudential’s consolidated financial performance (in INR crore)|
|Profit after tax||1,385.6||1,515.4||1,561.3||1,640.3||1,652.7|