ICICI Prudential Shares Drops 3% On Listing

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Shares of ICICI Prudential Life Insurance Company made a tepid start on the bourses, with the company's shares trading at Rs 323, against the  issue price of Rs 334.

The country's largest private sector life insurer had fixed issue price at higher end of the price band of Rs 300-334 per share.

ICICI Prudential Shares Drops 3% On Listing
The company's public issue had received a very good response and was over subscribed by 10.50 times.

The qualified institutional buyers portion was oversubscribed 11.83 times and non-institutional investors' category 28.55 times. However, the retail category did not see a very great response and was oversubscribed 1.42 times.

ICICI Bank and UK's Prudential Corporation Holdings are the major promoters of ICICI Prudential Life Company.

As per PTI reports, ICICI Bank holds around 68 per cent stake, while UK's Prudential holds 26 per cent stake in the ICIC Pru.

Among other major shareholders, PremjiInvest has 4 per cent in the insurance company while Temasek owned 2 per cent.

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Read more about: icici bank, icici prudential
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