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ICICI Prudential Life Insurance raises 60.57B rupees in IPO

ICICIPrudential Life Insurance Co. Ltd. raised 60.57 billion Indian rupeesfrom its IPO afterdrawing strong response from investors.

The company priced its IPO of 181,341,058 shares at 334rupees apiece, according to a Sept. 23 release. The offer included areservation of 18,134,105 shares for purchase by 's shareholders at thesame price, aggregating to 6.06 billion rupees.

The IPO, the first by an Indian insurer and the largest IPOin six years, was oversubscribed 10.44x, Mintreported Sept. 22, citing stock exchange data. The offering closed Sept. 21.

ICICI Bank had earlier raised 16.35 billion rupees from the sale of 48.96million shares in the life insurer.

ICICI Prudential Life Insurance is a joint venture betweenICICI Bank and PrudentialPlc.

As of Sept. 22, US$1was equivalent to 66.57 Indian rupees.