ICICI Lombard makes a lukewarm debut

ICICI Lombard General Insurance Company made a lukewarm debut on the bourses on Wednesday. The scrip got listed at Rs 650 per share on BSE at a 1.66 per cent discount and at Rs 646.50 per share on the NSE at a 2.2 percent discount to its issue price of Rs 661 per share.

The initial public offer (IPO), the first by any general insurance company, was sold in at Rs 651-661 price band during September 15-19. The Rs 5,700 crore issue received good investor response and was subscribed by about 3 times.
 
The objects of the offer were to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of up to 86,247,187 equity shares by the selling shareholders. Last year, the ICICI Group had raised Rs 6000 Crore in an initial share sale of ICICI Prudential Life Insurance Co. Ltd.
 
ICICI Lombard is the largest private-sector non-life insurer in India based on gross direct premium income. It is a joint venture between ICICI Bank and Canadian NRI Prem Watsa promoted Fairfax Financial Holdings. The company offers a range of insurance products such as motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.