ICICI Lombard IPO (The initial public offer) subscribed 27% on Day 1

According to NSE data, The ICICI Lombard IPO received bids for 16,669,466 shares against the total issue size of 61,666,740.

The initial share sale offer of ICICI Lombard General Insurance was subscribed 27% on the first day of the 3-day bidding on Friday.

The qualified institutional buyer category was subscribed 62%, non-institutional investors 4% and retail individual investors 18%. ICICI Lombard General Insurance on Thursday raised Rs 1,625 crore from anchor investors.

The company’s IPO involves dilution of up to 86,247,187 shares by promoters—ICICI Bank and Fairfax. The initial share sale offer would close on 19 September. The insurer is looking to raise about Rs5, 700 crore at the higher end of the price band, which is fixed between Rs651-661 per share.

Post-issue, the shareholding of Fairfax will come down to 9.91%, from 21.9% now, while the same for ICICI Bank will be reduced to 55.95%, from 62.95%. ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings. For ICICI Bank group, this is the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.