ICICI Lombard General Insurance Rs 5,700 crore IPO which opened on Friday got subscribed 1.078 times at 10:40 am, as last day of bidding opens.
ICICI Lombard General Insurance Rs 5,700 crore IPO which opened on Friday got subscribed 1.078 times at 10:40 am, as last day of bidding opens. The quota reserved for QIB (qualified institutional buyers) was subscribed 2.3073 times while NII (non-institutional investors) category was subscribed 0.1 times. The shares reserved for retail investors was subscribed 0.7396 times at the end of the second day of bidding. Today is the last day to subscribe to the public offer of ICICI Lombard General Insurance.
ICICI Lombard expects to raise about Rs 5,700 crores at the higher end of the price band which is set between Rs 651-661 per share. The initial share sale will see stakeholders ICICI Bank Ltd and Fairfax Financial Holdings Ltd sell around 86.24 million shares. ICICI Bank looks to sell 31.76 million shares to get Rs 2,099.40 crore while Fairfax will look to raise Rs 3,601.50 crore by selling 54.48 million shares. The ICICI Lombard IPO will see a dilution of over 19% stake—7.15% of ICICI Bank and 12.27% of Fairfax.
ICICI Lombard GIC was founded in 2001 and is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs 109.60 billion for the year ended March 31, 2017. It offers a range of insurance products such as motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.
In conversation with ET Now, Chanda Kochhar, Chairperson ICICI Lombard GIC said, “I really cannot comment on the returns going forward but if you go by an example, last year we did an IPO of our life insurance company and if you see the track record there so far for those investors the group has delivered a 33% annualised return just in this last year.”