Strong demand for ICICI Pru Life stock follows successful listings by RBL Bank and Ujjivan Financial Services in recent months. "Generally, there has been a tailwind for the financial services issues, especially the good quality ones," said Ajay Saraf, executive director at ICICI Securities, which was one of two lead banks on the ICICI Pru Life IPO. Proceeds from the ICICI Pru Life IPO will go to its parent ICICI Bank, which is selling a 12.63% stake in the insurer in a price range of 300 rupees to 334 rupees per share. Britain's Prudential Plc, which owns nearly 26% in ICICI Pru Life, is not selling shares in the IPO. ICICI Pru Life shares are due to start trading on or about Sept. 29.

Source: The Edge Markets September 21, 2016 12:56 UTC