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ICICI Lombard makes tepid debut after $871 million IPO

ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

business Updated: Sep 27, 2017 11:56 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
A man walks past a billboard of ICICI Lombard in Mumbai, India, September 18, 2017.
A man walks past a billboard of ICICI Lombard in Mumbai, India, September 18, 2017. (Reuters File Photo)
         

Shares of ICICI Lombard General Insurance Company made a tepid debut at bourses today, falling nearly 2% from the issue price of Rs 661.

The stock listed at Rs 650, down 1.66% against the issue price on the BSE. It later slipped 3.45% to hit a low of Rs 638.15.

At the NSE, it debuted at Rs 651, a loss of 1.49%, compared to the issue price.

In terms of equity volume, 27.76 lakh shares of the company were traded on the BSE and over 1 crore shares changed hands at the NSE during the morning trade.

The company’s market valuation stood at Rs 30,512.14 crore.

The initial share sale offer of ICICI Lombard -- the first for a general insurer -- was oversubscribed three times during September 15-19.

The non-life insurer had fixed the price band at Rs 651- 661 per share for the Rs 5,700-crore IPO.

ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities were the book running lead managers of the IPO.

First Published: Sep 27, 2017 11:00 IST