The initial share sale offer of ICICI Lombard General Insurance was subscribed 27 per cent on the first day of the 3-day bidding today. The initial public offer (IPO), through which the insurer is looking to raise about Rs 5,700 crore, received bids for 1,66,69,466 shares as against the total issue size of 6,16,66,740, according to NSE data. The qualified institutional buyer (QIB) category was subscribed 62 per cent, non-institutional investors 4 per cent and retail individual investors 18 per cent. ICICI Lombard General Insurance yesterday raised Rs 1,625 crore from anchor investors. The company's IPO involves dilution of up to 86,247,187 shares by promoters -- ICICI Bank and Fairfax.
The initial share sale offer would close on September 19. The insurer is looking to raise about Rs 5,700 crore at the higher end of the price band, which is fixed between Rs 651-661 per share. Post-issue, the shareholding of Fairfax will come down to 9.91 per cent, from 21.9 per cent now, while the same for ICICI Bank will be reduced to 55.95 per cent, from 62.95 per cent. ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings. For ICICI Bank group, this is the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)