Its two main shareholders - ICICI Bank Ltd and Fairfax Financial Holdings Ltd - will sell a combined 19 percent stake in the insurer.
Mumbai: One of India’s largest private sector non-life insurer, ICICI Lombard General Insurance Company, hit the market with its initial public offer on Friday.
ICICI Lombard's two main shareholders - ICICI Bank Ltd and Fairfax Financial Holdings Ltd - will sell a combined 19 percent stake in the insurer in the IPO.
ICICI Lombard provides various general insurance services and products. Their services also include reinsurance, insurance claims management, and investment management.
According to its website, ICICI Lombard issued over 17.73 million policies and settled over 2.18 million claims as on March 31, 2017.
Here are some facts about the IPO:
1. The company aims to mop up Rs 5,700 crore through this public offering.
2. Prices of shares have been fixed between Rs 651 and Rs 661. The issue can be subscribed in lots of 22 shares.
3. The IPO is expected to add a valuation of Rs 30,000 crore to the company’s existing value.
4. The IPO will be open to investors from September 15 to September 19.
5. The IPO involves dilution of up to 86,247,187 equity shares by promoters -- ICICI Bank and Fairfax. Post the issue, Fairfax offload 9.91 per cent from 21.9 per cent of its shares, ICICI Bank’s shareholding would be reduced to 55.95 from 62.95 per cent.
For the ICICI Bank group, this is the second public offer this fiscal after ICICI Life Prudential raised Rs 6,000 crore through an IPO.