ICICI Pru makes weak market debut, shares tank 11%

Shares of ICICI Prudential Life Insurance today made a tepid debut on bourses, plunging nearly 11 per cent over the issue price of Rs 334 at the close of trade.
The stock after being listed at Rs 329, a drop of 1.49 per cent from the issue price on the BSE, finally ended at Rs 297.65, falling 10.88 per cent. During the day, it slumped 11.52 per cent to Rs 295.50.
On NSE, shares of the company settled at Rs 297.55, down 10.91 per cent. The stock debuted at Rs 330.
On the volume front, 127.20 lakh shares of the company were traded on BSE and over 8 crore shares changed hands on NSE during the day.

The company, the first insurer to list, commands a market valuation of Rs 42,722.42 crore.
Shares of ICICI Bank too fell by 3.76 per cent to end the day at Rs 251 on BSE.

ICICI Prudential Life Insurance recently concluded its Rs 6,057-crore IPO with an over-subscription of more than 10 times.
The price band was fixed at Rs 300-334 per share. At the upper end, the offer is worth Rs 6,057 crore and was open to subscription during September 19-21.
The qualified institutional buyers (QIBs) category was oversubscribed 11.83 times, while that of non institutional investors 28.55 times.
Retail investors portion was oversubscribed 1.42 times.

This was the biggest initial public offering after Coal India, which had hit the capital market in 2010 to raise over Rs 15,000 crore.
The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest are also the shareholders.