Shares of ICICI Prudential, one of India’s largest asset management companies, rose 20% in their trading debut Friday, following a 106 billion rupees ($1.17 billion) initial public offering.
The IPO by the firm jointly owned by India’s ICICI Bank and UK’s Prudential, was priced at 2,165 rupees per share at the upper end of the price band.
The issue was subscribed more than 39 times during the bidding process, driven primarily by a strong demand from institutional investors. Retail portion of the IPO was subscribed just 2.5 times.
Singapore’s GIC and Temasek and India’s public sector insurance company Life Insurance Corporation were among the major institutional investors that participated in the IPO.
Citigroup Global Markets India, BofA Securities India, Morgan Stanley, Axis Capital, Avendus Capital and ICICI Securities were among the joint bookrunners.
