ICICI Prudential Life’s IPO to hit the market today

ICICI Prudential Life Insurance, the insurance arm of ICICI Bank, is set to get listed today with its initial public offering. It is India’s biggest IPO of shares in six years and will be the first by an insurer in India.

The company is looking to raise Rs 1,635 crore ($243.7 million) by selling shares to 38 anchor investors as part of the IPO.

The IPO, which will see the insurer's parent ICICI Bank selling an about 12.63% stake, aims to raise as much as Rs 6,057 crore. The sale opens for public subscription on Monday and will continue until Wednesday.

The anchor investors led by the government of Singapore and Nomura India Investment Fund Mother Fund and the Monetary Authority of Singapore are buying about 48.96 million shares at Rs 334 a piece, according to a regulatory filing late on Friday.

ICICI Bank is selling a total of up to 181.34 million shares in the insurance arm's IPO. It has set a price range of Rs 300 to 334 for the sale. 

The stock of ICICI Bank closed down 1.15% or Rs 3.10 at Rs 267.55 on the BSE on Friday.

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(With inputs from Reuters)