ICICI Lombard IPO to open on 15 September

IPO price band fixed at Rs 651-661 per share

The initial public offer (IPO) of ICICI Lombard General Insurance Company (ICICI Lombard) opens for subscription tomorrow, 15 September 2017. The offer comprises sale of up to 8.62 crore equity shares of the company, representing about 19% of its equity share capital for cash, through an offer for sale by ICICI Bank and FAL Corporation.

The Offer for Sale (OFS) is of up to 3.17 crore equity shares by ICICI Bank and up to 5.44 crore shares by FAL. The entire proceeds from the OFS will be paid to selling shareholders.

The price band for the IPO has been fixed at Rs 651-661 per share. The issue closes on 19 September 2017. The offer would constitute 19% of the post-offer paid-up equity share capital and the net offer shall constitute 18.05% of post-offer paid-up equity share capital.

ICICI Lombard General Insurance Company is the largest private-sector non-life insurer in India based on gross direct premium income (GDPI) for last fourteen straight years, after being one of the first few private-sector companies to commence operations in the sector in FY2002.

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