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ICICI Prudential share sale oversubscribed in India IPO boom

MUMBAI (NewsRise) -- The $910 million initial share sale of ICICI Prudential Life Insurance, a unit of India's biggest private lender ICICI Bank, drew a strong demand from investors, who have been lapping up initial public offerings in Asia's third-largest economy.

ICICI Prudential's offer, the biggest in nearly six years, was oversubscribed more than 10 times. India's IPO market is witnessing a surge as investors bet that the south Asian nation's policy reforms would spur economic growth. In the first half of this year, Indian companies raised as much as $1 billion, according to researcher Prime Database.

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