ICICI Bank gains as ICICI Prudential IPO to open for bidding

ICICI Bank rose 1.56% to Rs 258.75 at 9:18 IST on BSE as the IPO of private sector life insurance company ICICI Prudential Life Insurance Company opens for bidding today, 19 September 2016.

Meanwhile, the BSE Sensex was up 27.41 points, or 0.1%, to 28,626.44

On BSE, so far 50,256 shares were traded in the counter, compared with average daily volume of 13.02 lakh shares in the past one quarter. The stock hit a high of Rs 272.60 and a low of Rs 268.10 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 5.81% compared with 1.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.25% as against Sensex's 7.41% rise.

The large-cap company has an equity capital of Rs 1163.66 crore. Face value per share is Rs 2.

The initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors ahead of the opening of the company's initial public offer (IPO). The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Bank's net profit fell 24.99% to Rs 2232.35 crore on 6.06% increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.

ICICI Bank is one of the leading private sector banks in India.

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