"The price band has been set at Rs 651-661. At the upper end of the band, it will raise Rs 5,700 crore," a source said late in the evening.
The issue, the first by any general insurance company, hits the market on September 15. The roadshows are kicking off on Friday in the financial capital.
Sources said the company promoters will dilute their holding by 19 per cent as part of the issue.
At present, its shareholders include largest private sector lender ICICI Bank
and the Canadian Fairfax Financial Holdings.
Over 8.6 crore equity shares will be sold as part of the IPO, which will include ICICI Bank
selling over 3 crore shares and the rest from Fairfax.
This is the second insurance arm from the ICICI Bank
group to list, after the Rs 6,000-crore listing of its life arm earlier.
Bank of America Merrill Lynch, along with ICICI Securities and IIFL are the bankers to the issue, which will be open till September 19.
Two state-run general insurers - General Insurance Corp of India and New India Assurance Company - as also two life insurance firms (SBI Life and HDFC Standard Life) have also lined up IPO
plans and are awaiting Sebi's approval.
ICICI Lombard is a joint venture between ICICI Bank
and Canada-based Fairfax Financial Holdings Ltd. The IPO
involves dilution of up to 86,247,187 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance.