ICICI Prudential Life IPO to raise nearly $244 million from anchor investors

Vehicle passes ICICI Prudential Life Insurance billboard in Mumbai, Maharashtra, India. Image Source: Reuters

ICICI Prudential Life Insurance Co, which is due to launch on Monday India's biggest initial public offering (IPO) of shares in six years, is raising 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.