Securities market regulator SEBI has cleared the initial public offering of ICICI Prudential Life Insurance Company. This will be the first IPO in the life insurance space in the country.
SEBI issued its observations last Friday. The IPO is an offer-for-sale of over 18.13 crore shares by its promoter ICICI Bank. Of this, up to 10 per cent shares have been earmarked for shareholders of ICICI Bank and about 45 per cent for institutional investors.
The company had filed its draft red herring prospectus on July 18.
Azim Hasham Premji holds 4.01 per cent stake in the life insurer for Hasham Traders.
