After successful IPO run, ICICI Lombard to debut on bourses tomorrow

ICICI Lombard General Insurance Company will debut on the bourses tomorrow after it concluded its successful run of initial share sale offer last week. The ICICI lombard IPO was oversubscribed three times during September 15-19.

The initial share sale offer of ICICI Lombard General Insurance Company was subscribed 98% on the second day of bidding.

The initial public offer (IPO), through which the insurer is looking to raise about Rs 5,700 crore, received bids for 6,01,87,028 shares against the total issue size of 6,16,66,740 shares, data available with the NSE showed.

The insurer had fixed the price band at Rs 651-661 per share for the Rs 5,700-crore IPO. ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

For the ICICI Bank group, this was the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.

(With inputs from PTI)