ICICI Lombard Shares Fall On Trading Debut After $871 Million IPO

ICICI Lombard General Insurance, India's top private sector non-life insurer, fell as much as 3.4 per cent in its market debut on Wednesday, after its initial public offering last week raised Rs 5700-crore.

As of IST 10:01, ICICI Lombard shares were trading at Rs 643.50 on the National Stock Exchange, 2.7 per cent lower than the IPO issue price of Rs 661.

The ICICI Lombard IPO had opened from 15-19 September for offer price of 651-661 per share. The reserved part for institutional investors was oversubscribed 8.17 times while retail investors category was oversubscribed only 1.22 times, and non-institutional investors was subscribed only 0.82 times.

ICICI Lombard is the second IPO from the ICICI group, the first one being life insurance ICICI Prudential which was issued in September 2016 and raised Rs 6,000 crore. ICICI Lombard General Insurance is a joint venture between ICICI Bank and Fairfax Financial Holdings.

(Agenicies)