Mumbai, Sept. 21: The initial public offering (IPO) of ICICI Prudential Life Insurance today closed with 10.47 times subscription for shares offered to the public.

Data available from the stock exchanges in the evening showed the offer received bids for over 138 crore shares in three days against nearly 13.24 crore shares on sale.

The portion reserved for retail investors received bids for nearly 8 crore shares, a subscription of 1.39 times.

The quota for non-institutional investors saw bids for over 69 crore shares, a subscription of nearly 28.55 times, while the segment for qualified institutional buyers was subscribed nearly 12 times.

The quota for the shareholders of ICICI Bank was subscribed more than 12 times.

The float will raise around Rs 6,057 crore at the upper end of the price band of Rs 330-334 per share, making it the biggest IPO after Coal India that hit the capital markets in 2010 to raise over Rs 15,000 crore.

The ICICI Prudential issue comprised up to 181,341,058 equity shares and included a reservation of up to 18,134,105 shares (10 per cent of the offer) for the shareholders of ICICI Bank. It constituted 12.63 per cent of the company's post-offer paid-up equity share capital. Though the public float was off to a slow start on the first day, investor interest picked up on Tuesday and the rush to purchase the shares came on the last day.

According to market circles, the strong response to the IPO could prompt other insurance players to tap the capital markets. The focus will now be on the listing of the private insurer, which is expected by September 29.

Analysts said individuals should invest in insurance companies with a long-term perspective because the business yielded returns after a few years.

ICICI Prudential is a venture between ICICI Bank and the UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest also have a stake.

ICICI Bank has around 68 per cent in the insurer, while Prudential has 26 per cent.

Last November, ICICI Bank sold nearly 6 per cent in ICICI Prudential to Temasek and PremjiInvest. The shares were offloaded for around Rs 1,950 crore, valuing the insurer at Rs 32,500 crore.

PremjiInvest holds 4 per cent in the insurance company, while Temasek owns 2 per cent.

DSP Merrill Lynch and ICICI Securities are global coordinators and book running lead managers to the issue. Others are CLSA, Deutsche, Edelweiss, HSBC, IIFL, JM Financial, SBI Capital Markets and UBS.