ICICI Pru to get listed soon; appoints bankers to the IPO

ICICI Prudential is expected to hit the markets with an IPO by March 2017 according to media reports. The company has appointed Bank of America Merrill Lynch (BofA-ML) and ICICI Securities as its lead investment bankers for the Initial Public Offer (IPO). 

It will be interesting to see if HDFC Standard Life comes up with an IPO first or ICICI Prudential. There are reports that SBI Life may also get itself listed on bourses. HDFC Standard Life has appointed Citigroup, JP Morgan, Kotak Investment Banking and Morgan Stanley to manage the issue.

ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Inc., of Britain. Prudential owns 26 percent in the JV and ICICI Bank is the major shareholder. ICICI Bank previously in November sold six per cent of its stakes to investors led by Premji Invest for Rs. 1,950 crore thus valuing the company at Rs. 32,500 crore.

This year investors can see plenty of action in the primary markets courtesy Life Insurance companies operating in India.