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Sheela Foam's Rs 510 crore IPO witnessed a healthy over-subscription of 5.09 times. (Representational Picture)Reuters file

The initial public offering (IPO) of ICICI Bank's subsidiary ICICI Prudential Life Insurance Company will open for subscription on Sept. 19 and close on Sept. 21. The company received the approval to go ahead with the issue from market regulator Sebi on Wednesday.

ICICI Prudential Life plans to raise Rs. 5,000 crore through the IPO.

The company, which is a joint venture between Indian private sector lender ICICI Bank and British insurance firm Prudential Plc, has fixed its price band of the issue at Rs. 330-334 per share, Moneycontrol reported. ICICI Bank holds 68 percent stake in the company, while Prudential holds 26 percent.

Some of the other shareholders of the venture include Temasek Holdings Private Ltd., the Singapore government-owned investment firm. PremjiInvest, the private investment arm of Wipro chairman Azim Premji, has about 4 percent stake in ICICI Prudential Life.

The public issue will be the first by an insurance firm in India where the life insurance segment has 24 players, including the state-run Life Insurance Corporation of India (LIC), which enjoys about 70 percent market share.

Shares of ICICI Bank were trading at Rs. 270.30 at around 2:10 p.m. on Friday, down 0.74 percent from their previous close on the Bombay Stock Exchange.