ICICI Prudential Life Insurance Company Limited – Initial Public Offer to open on Monday, September 19, 2016 and to close on Wednesday, September 21, 2016 : Price Band fixed from Rs. 300 to Rs. 334 per equity share

Mumbai September 12, 2016 ( GPN ) : ICICI Prudential Life Insurance Company Limited (the “Company”) proposes to open on Monday, September 19, 2016, an initial public offer of up to 181,341,058 equity shares of face value of Rs. 10 each (“Equity Shares”) for cash at a price band from Rs. 300 to Rs. 334 per Equity Share through an offer for sale (the “Offer”) by ICICI Bank Limited, one of the promoters and the selling shareholder (   “Promoter Selling Shareholder”) including a reservation of up to 18,134,105 Equity Shares for purchase by ICICI Bank Shareholders (“ICICI Bank Shareholders Reservation Portion”). The Offer would constitute 12.63% of the post-offer paid-up Equity Share capital of the Company and the Net Offer shall constitute 11.37% of the post-offer paid-up equity share capital of the Company. The Offer will close on Wednesday, September 21, 2016. 

 (L To R)   - Anup Bagchi , MD & CEO , ICICI Securities Limited ; Sandeep Batra ,Executive Director , ICICI Prudential Life Insurance Company Limited;  Chanda Kochhar, Chairperson , ICICI Prudential Life Insurance Company Limited ;  Sandeep Bakhshi, MD & CEO,ICICI Prudential Life Insurance Company Limited;  Puneet Nanda, Executive Director & Chief Marketing Officer, ICICI Prudential Life Insurance Company Limited;  Kaku Nakhate, President & Country Head – India, Bank Of America Merrill Lynch

(L To R)   – Anup Bagchi , MD & CEO , ICICI Securities Limited ; Sandeep Batra ,Executive Director , ICICI Prudential Life Insurance Company Limited;  Chanda Kochhar, Chairperson , ICICI Prudential Life Insurance Company Limited ;  Sandeep Bakhshi, MD & CEO,ICICI Prudential Life Insurance Company Limited;  Puneet Nanda, Executive Director & Chief Marketing Officer, ICICI Prudential Life Insurance Company Limited;  Kaku Nakhate, President & Country Head – India, Bank Of America Merrill Lynch


Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 Equity Shares thereafter. The Company and the Selling Shareholder, in consultation with the Global Coordinators & Book Running Lead Managers (the “GCBRLMs”) and the Book Running Lead Managers (the “BRLMs”), may consider participation by Anchor Investors in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, (the “SEBI Regulations”). The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date.

The GCBRLMs to the Offer are DSP Merrill Lynch Limited and ICICI Securities Limited. The BRLMs to the Offer are CLSA India Private Limited, Deutsche Equities India Private Limited, Edelweiss Financial Services Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Holdings Limited, JM Financial Institutional Securities Limited, SBI Capital Markets Limited and UBS Securities India Private Limited.

Ms. Chanda Kochhar, Chairperson , ICICI Prudential Life Insurance Company Limited addressing the media

Ms. Chanda Kochhar, Chairperson , ICICI Prudential Life Insurance Company Limited addressing the media


The Equity Shares offered through the Offer are proposed to be listed on the National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”), NSE being the Designated Stock Exchange.

This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”). The Offer is being made in accordance with Regulation 26(1) of the SEBI Regulations, wherein not more than 50% of the Net Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”), provided that the Company and the Promoter Selling Shareholder may, in consultation with the GCBRLMs and the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI Regulations, subject to valid Bids being received at or above the Offer Price. All potential investors, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount process providing details of their respective bank account which will be blocked by the SCSBs, to participate in this Offer.

 

 

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Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.