ICICI Lombard shares rise over 3% after weak debut

ICICI Lombard General Insurance, largest private non-life insurer in India, was planning to raise around Rs 5,700 crore from IPO

By: ENS Economic Bureau | Mumbai | Published: September 28, 2017 6:12 am
‪‪ICICI Bank‬, ‪ICICI Lombard‬, ‪Indian rupee, insurance ICICI, ICICI bank shares, business news, latest news, indian express The initial public offering of ICICI Lombard was oversubscribed 2.96 times on the concluding day of the offer with investors bidding for 18.24 crore shares of the 6.16 crore on offer.

ICICI Lombard made a tepid debut on the bourses on Wednesday. The stock got listed at Rs 650, a discount of 1.6 per cent to its issue price. However, the stock recovered and ended the session at Rs 681.55, a rise of 3.11 per cent from its issue price.

The initial public offering of ICICI Lombard was oversubscribed 2.96 times on the concluding day of the offer with investors bidding for 18.24 crore shares of the 6.16 crore on offer.

The issue received bids for 13.39 crore shares from the qualified institutional buyers, of their quota of 1.63 crore shares. High networth individuals bid for 1.01 crore shares of the 1.22 crore reserved for them, bidding 0.83 times. Retail investors bid for nearly 1.19 times, or 3.41 crore shares, of the 2.86 crore reserved. ICICI Bank shareholders, who were reserved 43.12 lakh shares, bid for 42.56 lakh shares.

ICICI Lombard raised about Rs 1,625 crore from 64 anchor investors. The investors who acquired shares through anchor allotment include The Nomura Trust, Blackrock India Equities, SBI Life Insurance, Citigroup Global Markets, SBI Life, BNP Paribas Insurance, among others.

ICICI Lombard General Insurance, largest private non-life insurer in India, was planning to raise around Rs 5,700 crore from IPO. It set a price band of Rs 651-661 per share and when calculated at the upper band of issue price, the firm was valued at Rs 30,000 crore. FE

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