More 'chinta' less 'money' for ICICI Pru; shares close 10% down
ICICI Prudential Life Insurance's shares dropped over 10% after making its debut at 1% discount on Thursday.
The shares closed at Rs 296.10 per piece, down 10%, or Rs 32.90 on the BSE. During the trading session, the shares had touched an intraday high of Rs 333.90 and a low of Rs 295.50.
The company's shares listed at Rs 329 on the BSE, 1% down from the price band of Rs 334 (upper limit) per share set during the IPO. From the set price band, the shares plunged 11.35%, or Rs 37.90 on the first day.
The company's Rs 6,000-crore IPO opened on September 19 and closed last week. The public issue was oversubscribed 10.48 times.
It was India’s biggest IPO in six years since Coal India's Rs 15,000-crore IPO in 2010. It was also the first by an insurer in India.
The IPO saw the insurer's parent ICICI Bank selling about 12.63% of its stake to raise as much as Rs 6,057 crore.
ICICI Prudential is a tie up between ICICI Bank and Prudential Partners. Singapore's Temasek and PremjiInvest are also the shareholders.
ICICI Bank holds 68% stake of ICICI Prudential, while Prudential Partners holds 26%. Singapore's Temasek Holdings owns 2% in the company, along with Premji Invest holding a 4% stake in the life insurance service provider.