Insurance IPO: ICICI Prudential Life files DRHP for Rs 5,000 cr public issue

ICICI Prudential Life Insurance Co Ltd has filed for an initial public offering of shares, according to a draft prospectus released on Monday, in what will be the country's first insurance sector IPO.[caption id="attachment_963087" align="alignleft" width="380"] Reuters[/caption]Sources told Reuters last week the IPO would be worth about Rs 5,000 crore ($745 million).Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO, according to the prospectus.Britain's Prudential PLC, with nearly 26 percent of ICICI Pru Life, is not selling any of its stake, the document showed.ICICI Pru Life is expected to be listed later this year.