ICICI Lombard General Insurance, a subsidiary of ICICI Bank, has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) with Sebi, parent ICICI Bank said in a exchange filing on Friday. The issue is an offer for sale of upto 8.6 crore shares. Of this ICICI bank will sell 3.17 crore and 5.44 crore will be sold by FAL Corporation. The offer represents 19% of its share capital. The offer includes a proposed reservation of up to 43.12 lakh shares or 5% of the offer to the individual and hindu undivided family (HUF) shareholders of ICICI Bank.
So far in the calendar year 2017, 13 firms have raised Rs11,752 crore, one of the biggest fund-raising through IPOs in the first six months of a calendar year. In calendar year 2008, 30 companies had raised Rs16,441 crore in the first half of the year. The government will launch the IPOs of Cochin Shipyard, New India Assurance, GIC and IRCTC among others.