ICICI Bank shares gain as its insurance subsidiary IPO opens

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26 Aug, 2025 12:21

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Moneycontrol Bureau

ICICI Bank shares gained a percent intraday Monday as the Rs 6,057-crore IPO of ICICI Prudential Life Insurance opened for subscription with a price band of Rs 300-334 per share today.

The country's largest private sector lender held 67.52 percent stake and Prudential Corporation Holdings 25.83 percent stake in the insurance company. Azim Premji also has 4 percent stake and Temasek owns 2 percent in the company.

It is an offer for sale by ICICI Bank. Hence, its shareholding in the insurance company may reduce to around 55 percent from current after the issue.

The 18.13 crore equity shares public offer by the country's largest private insurance company will close on September 21.Also read - ICICI Prudential Life IPO: 10 things to know before subscribing

It aims to raise at around Rs 5,440-6,057 crore and its expected market cap would be Rs 43,060-47,940 crore at lower & upper price band, respectively.

Incorporated at Mumbai in July 2000, ICICI Prudential Life already raised Rs 1,635 crore through anchor investors' portion on Friday, the day before issue opening.

It is the largest IPO in last six years after Coal India's Rs 15,000-crore public issue.

At 09:34 hours IST, the scrip or ICICI Bank was quoting at Rs 270.05, up Rs 2.50, or 0.93 percent on the BSE.Posted by Sunil Shankar Matkar