ICICI Prudential Life Insurance shares surge more than 8% on robust response for its OFS

ICICI Prudential Life Insurance shares surged after getting a robust response for the offer-for-sale of its equity shares by joint venture partner and UK-based promoter Prudential Corporation Holdings. The company’s shares rose by more than 8% in the early morning trade on Wednesday.

The life insurance company’s two-day OFS which opened for non-retail investors on Tuesday saw subscription of 3.9 times. The investors bid for 210 million shares against the offer size of 53.26 million shares. The floor price of the share has been fixed at Rs 300 and the shares were sold at a price of Rs 316 a piece which would help the company in mopping up Rs 1,683 crore. Yesterday, the company’s shares ended at Rs 320.15 on BSE.

ICICI Prudential Life shares were last seen trading at Rs 347.65, 27.50 points higher than the previous close in the early morning trade on BSE. ICICI Prudential Life Insurance got listed on bourses in September 2016. With the stake sale of 3.7%, ICICI Prudential Life will achieve the minimum public shareholding of 25% as per Securities and Exchange Board of India’s regulations. Till December, the company had 21.31 per cent public shareholding.

ICICI Prudential Life’s net profit fell by 34.35 per cent to Rs 296.77 crore in October-December as compared to Rs 452.1 crore of the corresponding period of last fiscal.

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