ICICI Prudential Life Insurance Co, which launched an IPO, has attracted bids 10.44 times the number of shares on offer in closure of the offer. The issue, a first by an Indian insurance company and the largest initial share sale in six years, had received bids for 1.38 billion shares against 132.37 million shares on offer. At the lower end of the Rs300-334 price band, the issue received bids worth Rs41,461.94 crore. The institutional investor category was subscribed 11.83 times the 32.64 million shares on offer, while the non-institutional category comprising high net-worth individuals, for whom a little more than 24.48 million shares were set aside, was subscribed 28.55 times. Retail investors, whose investments cannot exceed Rs2 lakh per individual, subscribed to 1.32 times the 57.12 million shares reserved for them. The portion reserved for shareholders – existing ICICI Bank shareholders bidding for additional shares – was subscribed 12.2 times.
