My spouse is an ICICI Bank shareholder and applied for ICICI Pru Life IPO under shareholders reservation as well as retail reservation. The bids were not rejected but got only one lot allotted. So I guess even with one share you may apply under shareholder reservation apart from retail reservation.
I feel SBI Life is pricey (or ICICI Pru Life looks "cheaper" whichever way we look at). That's the reason, I'm not interested to apply for this issue. We can as well buy ICICI Pru Life now.
SBI Life is better in some way:
- Huge banca network of over 27k branches!!
- Has the lowest Operating Expense Ratio
- Better ratios (net cash added, ROIC)
But there is hardly much to separate to choose between the three of them and I don't see why ICICI Pru life is quoting at a discount of almost ~12% wrt SBI Life valuations.