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ICICI Prudential to go public

icici prudentialICICI Prudential Life Insurance Company has filed an offer document with Sebi for an IPO, which would see the company raise around Rs 6325 crore for its parent ICICI Bank. ICICI Prudential would thus become the first major insurance company in India to be listed on the stock Exchanges. The share sale is an exclusive offer by ICICI Bank and does not comprise new shares, the offer documents indicated. Sale will comprise 12.65%, or 181,341,058 shares, of ICICI-Prudential’s paid-up capital. The offer document said the listing of the equity shares will enhance the ICICI Prudential brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for the equity shares in India, it said.

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