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ICICI Prudential Life IPO - Should You Invest or Avoid?

ICICI Prudential Life, one of India's largest private sector life insurer is coming with an initial public offering (IPO) in the price band of  300 to  334 between September 19, 2016 to September 21, 2016.

ICICI Prudential Life is the first Indian Life Insurance Company seeking listing through IPO. The issue size is  6057 crore at the upper end of the price band. Out of the total issue, 10% of the offered shares i.e. more than 1.8 crore shares are reserved for ICICI Bank shareholders under the ICICI Bank Shareholder Reservation Portion.

ICICI Prudential Life was the largest private sector life insurer in India by total premium in FY2016 and by assets under management as of March 31, 2016. The company is a joint venture between ICICI Bank, Indiaâ's largest private sector bank in terms of total assets with an asset base of Rs. 7.2 trillion as of March 31, 2016, and Prudential Corporation Holdings Limited, part of the Prudential Group, an international financial services group with GBP 509 billion of assets under management as of December 31, 2015.

Customers who hold ICICI Bank shares as on September 07, 2016 can apply in ICICI Bank Shareholder Reservation Portion. Customers who apply in ICICI Bank Shareholder Reservation Portion* for bid amount upto  2 lac can also apply in Retail or HNI category in the Net Offer, whereas customers who apply for a bid amount of more than  2 lac under ICICI Bank Shareholder Reservation Portion cannot apply in Retail or HNI category in the Net Offer.

The issue opens on September 19, 2016 and closes on September 21, 2016.

Issue details

  • Issue opens on : September 19, 2016
  • Issue closes on : September 21, 2016
  • Price band : Rs. 300-Rs. 334 per share
  • Minimum order quantity : 44 shares and multiples of 44 thereafter
  • Issue size : Rs. 5440.23 - Rs. 6056.79 crore
  • Offer size : 181,341,058 shares
  • Reservation for ICICI Bank shareholders : Reservation of up to 18,134,105 equity shares of face value of Rs 10 each
  • Listing on : BSE, NSE
Verdict : Whether to Subscribe or Not

The only issue which perturbs us is that ICICI Bank sold its 4% stake in ICICI Life to Wipro Chairman Azim Premji’s Hasham Traders on November 27, 2015 at Rs. 226.34 per share. 

Now my question to the IPO fraternity is that what has suddenly changed that the IPO is demanding a premium of 47.57%  from the general public and other investors and this intrigues us. Thus to be honest the  fair value is say 240 or 250 and not more than that as any higher price than that is just a market hysteria and thus would suggest to give a miss to this IPO.

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