ICICI Lombard IPO gets fully subscribed, bidding ends today

ICICI Lombard IPO gets fully subscribed, bidding ends today”

The IPO received bids for over 7.79 crore equity shares against issue size of 6.16 crore shares (excluding anchor investors' portion). It is the second insurance company from the ICICI Group to go for an IPO after ICICI Prudential Life Insurance raised Rs 6,000 crore in an initial share sale previous year.

As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange. Retail investors bid for almost 0.62 times or 1.77 crore shares of the 2.86 crore shares reserved.

The company's IPO involves dilution of up to 8,62,47,187 shares by promoters ICICI Bank and Fairfax. ICICI Lombard on Thursday raised about Rs 1,625 crore from 64 anchor investors. The company has set a price band of Rs 651-661 per share for its IPO and when calculated at the upper band of the issue price the company will be valued at Rs 30,000 crore.

Post-issue, the shareholding of Fairfax will reduce to 9.91 percent from 21.91 percent and ICICI Bank's stake will come down to 55.92 percent, from 62.92 percent. ICICI Lombard is a joint venture between ICICI Bank and Fairfax Financial Holdings, a Canada-based company.

This is the first public offering by an Indian life insurer. ICICI Bank share holders who were reserved 43.12 lakh shares bid for 25.15 lakh shares. DSP Merrill Lynch, ICICI Securities, IIFL Holdings, CLSA India, Edelweiss Financial Services, JM Financial Institutional Securities are among the coordinators and book running lead managers.

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