ICICI Lombard IPO subscribed 98% a day before close

Institutional portion fully subscribed, retail 60% covered, wealthy investor portion subscribed just 8%

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(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)

BS Reporter Mumbai

Last Updated : Sep 18 2017 | 6:40 PM IST

The Rs 5,700-crore initial public offering (IPO) of ICICI Lombard, country’s largest private sector general insurer, was subscribed 98 per cent a day before its close. The institutional portion of the offering has was subscribed 2.4 times, retail portion has been 62 per cent covered and wealthy investor portion was subscribed just 10 per cent. The IPO closes on Tuesday. The price band for the IPO is Rs 651 to Rs 661 per share. At the top-end of the price band, ICICI Lombard, a joint venture between private sector lender ICICI Bank and Canada's Fairfax Financial Holdings, will be valued