Rakesh Jhunjhunwala bade for Rs 750 cr ICICI Pru shares, got stocks worth Rs 27 crore only

MUMBAI: Billionaire investor Rakesh Jhunjhunwala had put in an application worth Rs 750 crore in the just-closed IPO for ICICI Prudential Life Insurance.

The Rs 6,000-crore offer was subscribed 10 times, within which the high-networth individual (HNI) portion, worth about Rs 810 crore, was subscribed 28 times. The celebrated investor, who in vests through his firm Rare Enterprises, is expected to get shares worth about Rs 27 crore, since the HNI part was highly oversubscribed and the allotment is on a propor tionate basis, market sources said.

A recent India billionaire listing by Forbes put the 56-year old Jhunjhunwala's net worth at $2.2 billion, a little over Rs 13,000 crore. Some of his famous winning bets were Titan Industries, Crisil and Praj Industries, each of which returned double-digit multiples within a decade of him putting in money.