ICICI Lombard files for first IPO by non-life insurer, to dilute 19% equity

To offer 19% shares held by ICICI Bank & Fairfax, 5% kept for individual, HUF shareholders of parent

ICICI Lombard General Insurance on Friday said it would offer about 19 per cent of its shares in an initial public offer (IPO), in which parent ICICI Bank and a unit of Fairfax Financial Holdings will offload their shares.

This is the first time that a non-life insurance company has filed a draft red herring prospectus — a document submitted by a company (issuer) as part of a public offering of securities — for an IPO. In the prospectus, the insurer said it would offer 86,247,187 equity shares, at the face value of Rs 10 per share, representing about 19 per