Mumbai– The initial public offering (IPO) of ICICI Prudential Life Insurance on Wednesday was oversubscribed 10.5 times the issue offer, according to data from stock exchanges.

As of 5 p.m. Wednesday, the data showed that the IPO issue received applications for 1,38,58,52,468 shares as against an offer of 13,23,78,973 on the final day of the offerings.

The three-day share sale, which opened on Monday had a price range of Rs 300-334 apiece.

ICICI Bank at present holds 67.52 percent stake in the joint venture (JV) company, while Prudential Corp. Holdings Ltd has 25.83 percent in the India’s largest private sector life insurer.

ICICI Bank is targeting to divest a 12.63 percent stake in the life insurance firm through the offer-for-sale (OFS) route.

Prudential is also expected to reduce its stake in insurance company by up to 5.83 per cent after its listing as part of the revised terms of the JV agreement.

As part of the Rs 6,056 crore public issue, ICICI Bank on last Friday had raised Rs 1,635.33 crore by selling 48.96 million shares of the insurance firm to institutional investors via an anchor allotment at Rs 334 apiece, the upper end price band for the IPO.

The anchor book is the part of an IPO issue that bankers allocate to institutional investors on a discretionary basis. This subscription opens before the IPO kicks off.