ICICI Prudential prices IPO at top

India's largest life insurer completes the country's biggest flotation in six years.
1.41 billion people to sell to by 2022
1.41 billion people to sell to by 2022

ICICI Prudential completed India's largest initial public offering in six years on Wednesday, securing a premium valuation at a time when the country's equity markets are riding a wave of positive momentum.

Sources close to the deal said the 181.4 million share offering has been priced at Rs334 per share, the very top of a Rs300 to Rs334 indicative range.

An official announcement is expected on Thursday morning, reporting deal proceeds of Rs60.6 billion $912 million. This makes ICICI Prudential's IPO the largest since Coal India's $3.46 billion listing in October 2010.

Based on issuance of 12.63% of the company's share capital,...

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