ICICI Lombard General Insurance Company's estimated Rs 6,000-crore initial public offer (IPO) will open for subscription on September 15.
ICICI Lombard General Insurance Company’s estimated Rs 6,000-crore initial public offer (IPO) will open for subscription on September 15. “The offer will open for subscription to public on September 15, 2017 and shall close on September 19, 2017,” ICICI Bank said in a regulatory filing. The bank added that the price band for the IPO offer will be advertised at least five working days prior to the subscription opening date.
Earlier this week, ICICI Lombard General Insurance Company got capital market regulator Sebi’s go-ahead for the IPO, which would be the first by a general insurer in the country. Two state-run general insurers — General Insurance Corp of India and New India Assurance Company — as also two life insurance firms (SBI Life and HDFC Standard Life) have also lined up IPO plans and are awaiting Sebi’s approval. ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd. The IPO involves dilution of up to 86,247,187 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance. According to market sources, the IPO could be worth about Rs 6,000 crore. Shares of ICICI Bank were trading 0.51 per cent higher at Rs 296.75 on BSE.