ICICI Lombard to debut on bourses today

New Delhi: ICICI Lombard General Insurance Company will debut on the bourses tomorrow after it concluded its initial share sale offer last week.

The initial share sale offer of ICICI Lombard was oversubscribed 3 times during September 15-19.

The 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.

For the ICICI Bank group, this was the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.

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