ICICI Lombard General Insurance makes lackluster debut

ICICI Lombard

ICICI Lombard

So far the stock hit a high of Rs 660.50 and low of Rs 638.15.

The ICICI Lombard General Insurance Company IPO made a week debut on the share market on Wednesday with the stock listed at Rs 651 on the NSE.

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Shares in the ICICI Lombard fell as much as 3.4 percent in early trade, but reversed their losses to trade 2.5 percent higher at 677.50 rupees by 0625 GMT, compared with its IPO price of 661 rupees. Ltd debuted 2.9% lower on the bourses on Wednesday, after the general insurer's Rs5,700-crore initial public offer (IPO) was subscribed almost three times earlier this month. Fairfax sold 54.48 million shares through the IPO while ICICI Bank divested 31.76 million shares.

Ahead of the IPO, ICICI Lombard had raised Rs 1,625 crore from anchor investors including the sovereign wealth funds of Kuwait and Abu Dhabi by selling 24.58 million shares at the upper end of the Rs 651-661 price band.

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ICICI Lombard has maintained its leadership position among private non-life insurers since 2004, supported by its robust franchise, a comprehensive product portfolio and a multi-channel distribution network, say analysts. It is the largest private sector non-life insurer in India based on gross direct premium income. The proposal was approved on 1 September.

ICICI Lombard's IPO was purely an offer for sale (OFS), in which its promoter ICICI Bank offloaded a 7 per cent stake and Fairfax Financial sold a 12 per cent stake. Experts had not foreseen a strong trade for the stock as the initial share sale offer of ICICI Lombard was oversubscribed 3 times during September 15-19.

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