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ICICI Lombard IPO oversubscribed 3 times on last day of bidding

The IPO through which insurer is looking to raise about Rs 5,700 cr received bids for 18,34,60,772 shares

Press Trust of India  |  New Delhi 

ICICI Lombard
(From left to right) File photo of Chanda Kochhar, Chairperson, ICICI Lombard General Insurance and Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance during IPO press conference in Mumbai (Photo: Kamkesh Pednekar)

The initial share sale offer of Company was oversubscribed 2.98 times at the end of the last day of bidding on Tuesday, stock exchange data showed.

The initial public offer (IPO), through which the insurer is looking to raise about Rs 5,700 crore, received bids for 18,34,60,772 shares against the total issue size of 6,16,66,740 shares, as per NSE data till 1930 hrs.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 8.17 times, non institutional investors 83 per cent and retail investors 1.21 times, investment banking sources said.

The received over 11 lakh applications, they added.

on Thursday had raised Rs 1,625 crore from anchor investors.

The company's involves dilution of up to 8,62,47,187 shares by promoters ICICI Bank and Fairfax.

The insurer has fixed the price band at 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.

is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

For the 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 earlier.

CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers of the IPO.

First Published: Tue, September 19 2017. 20:52 IST