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Sep 07, 2017 05:29 PM IST | Source: Moneycontrol.com

ICICI Lombard General Insurance IPO to open on September 15

ICICI Lombard General Insurance Company will launch its initial public offer of up to 8,62,47,187 equity shares on September 15.

 
 
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ICICI Lombard General Insurance Company, the subsidiary of ICICI Bank, will open its initial public offer of up to 8,62,47,187 equity shares for subscription on September 15.

The issue consists of offer for sale of up to 3,17,61,478 equity shares by promoter ICICI Bank, up to 5,44,85,709 shares by investor Fal Corporation. The issue also include a reservation of up to 43,12,359 equity shares for purchase by ICICI Bank shareholders.

The issue will close on September 19.

ICICI Lombard is the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2017.

Earlier this week, ICICI Lombard General Insurance Company received approval capital market regulator Sebi for the IPO, which would be the first by a general insurer in the country.

ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings.

As per draft red herring prospectus filed with Sebi in July, ICICI Bank holds 62.95 percent stake in its general insurance company, FAL has 21.92 percent shareholding, Red Bloom Investment 9.01 percent and Tamarind Capital Pte Ltd 1.59 percent.

DSP Merrill Lynch Limited, ICICI Securities and IIFL Holdings are global co-ordinators and book running lead managers to the issue.

CLSA India Private Limited, Edelweiss Financial Services and JM Financial Institutional Securities are book running lead managers to the issue.

Two state-run general insurers - General Insurance Corporation of India and New India Assurance Company; and two private life insurance firms - SBI Life and HDFC Standard Life have also planned IPO and are awaiting approval from Sebi.

ICICI Bank had brought down its stake to 54.89 percent in its subsidiary ICICI Prudential Life Insurance Company through IPO in September 2016. It is the first life insurance company listed on exchanges.
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