ICICI Prudential Life lines up mega IPO

Joining the IPO bandwagon, leading private insurer ICICI Prudential Life Insurance Company has lined up a mega public offer that is estimated to fetch around Rs 5,000 crore.
The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings Ltd. Singapore's Temasek and PremjiInvest are also shareholders.
Sources said ICICI Prudential has lined up an initial public offer and the draft papers in this regard are likely to be filed with Sebi as early as today.
The size of the IPO is estimated to be worth around Rs 5,000 crore, they added.
At the end of March this year, the assets under management of ICICI Prudential -- which started operations in fiscal year 2001 -- stood at Rs 1,039.39 billion, as per its website.

ICICI Prudential's profit after tax touched Rs 1,247 crore in the nine months ended December 2016 while total income stood at Rs 15,827 crore during the same period.

In 2014-15, the company raked in a profit after tax of Rs 1,634 crore on a total income of Rs 19,129 crore.
Last November, ICICI Bank sold nearly 6 per cent stake in ICICI Prudential to Temasek and PremjiInvest. The shares were offloaded for around Rs 1,950 crore valuing the insurer at Rs 32,500 crore.
ICICI Bank has around 68 per cent stake in the insurer while that of Prudential is at 26 per cent.

In recent months, many companies have been coming out with their IPOs and most of them have elicited robust response from the investors.
Earlier this month, the Rs 400-crore initial public offer of staffing firm Quess Corp was oversubscribed 145 times, becoming the most oversubscribed IPO in the last 9 years.
On July 13, L&T Infotech's Rs 1,243 crore initial share sale offer got oversubscribed nearly 12 times and also attracted more than a million applications.