ICICI Lombard Fixes IPO Price Band; Looks To Raise Up To Rs 5,700 Crore
ICICI Lombard fixes IPO price band at Rs 651-661
ICICI Lombard General Insurance will look to raise up to Rs 5,700 crore through its initial public offering which opens September 15.
The ICICI Bank Ltd. subsidiary will sell 8.6 crore shares at a price band of Rs 651-661 a piece, a stock exchange filing by lender said. The offer will remain open till September 19.
At the upper end of the price band, the IPO commands a valuation of Rs 5,700 crore, according to BloombergQuint’s calculation. Half of the total shares on offer will be reserved for purchase by ICICI Bank shareholders, the filing added.
Earlier this week, ICICI Lombard General Insurance Company got capital market regulator SEBI’s approval 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 primary market offers and are awaiting SEBI’s approval.
ICICI Lombard will be the second insurance subsidiary of ICICI Bank to go public. Its life insurance arm was listed last year after a Rs 6,057 crore initial public offer.
Promoter ICICI Bank will sell 3.1 crore shares while joint venture partner Fairfax Financial Holdings, through its indirect subsidiary, will sell the remaining 5.6 crore shares.