ICICI Prudential Life Insurance made a baffling introduction on the stock trades, with the shares of the nation's biggest life back up plan posting at a 1.50% markdown to the issue cost.
The stock recorded at Rs 329 an offer on the BSE, contrasted and the issue cost of Rs 334 an offer. At 10.30am today, it was down 3.3% exchanging at Rs 323.15.
The BSE Sensex was up 82 focuses or 0.3% at 28,374.85.
The 18.13 crore value issue raised Rs 6,057 crore and was the biggest IPO in India since state-run Coal India Ltd brought Rs 15,000 crore up in 2010.
ICICI Bank, which held 68% stake in the organization offloaded 12.63% in the IPO through offer available to be purchased thus the disaster protection arm didn't get any crisp subsidizing.
ICICI's remote joint endeavor accomplice Prudential Corp Holdings, which holds 26% stake in ICICI Prudential Life didn't offer any shares in the offer available to be purchased, yet will diminish its stake in the organization to 20% by 2019, to empower the organization meet Sebi standards, which require all recorded organization to in any event have a 25% open buoy.
ICICI Prudential IPO was evaluated in the Rs 300-334 territory and was subscribed 10.5 times.
At the upper end of the value band ICICI Prudential is esteemed at Rs 47,957 crore.
In November 2015, ICICI Bank sold 6% stake in the extra security arm to Temasek and PremjiInvest, at a valuation of just Rs 32,500 crore. Along these lines, in this examination, the present valuation was 48% higher.
Likewise, a key danger experts said was ICICI Prudential was more levered to capital business sector developments as 82% of new business premiums originate from unit connected protection