ICICI Lombard to list at Rs 661 on stock markets today

ICICI Lombard to list at Rs 661 on stock markets today”

ICICI Lombard General Insurance shares made tepid debut stock exchanges today, opening down about 3% from the IPO price but soon recovered into green after the company recently winded up its Rs 5,700 crore public offer last week. The price band for the IPO was set at Rs 651-661 per share.

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. But given the valuations that factor in much of the positives, only a few of them had predicted healthy listing gains.

So far the stock hit a high of Rs 660.50 and low of Rs 638.15. At a higher price band of Rs 661, the IPO demanded a market cap of Rs 30,000 crore, which was around 50 per cent premium to the May deal, analysts noted.

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.

The IPO by company was one of the biggest IPOs of 2017 and also the first non-life insurer in India to launch an IPO. It holds 18.0% share among private sector non-life insurers in the country, and manages Rs16,450 crore of investment assets.

The nonlife insurance segment is underpenetrated in India and the company's financials are strong.

The offer comprised sale of up to 8.62 crore equity shares of the company, representing about 19% of its equity share capital for cash, through an offer for sale by ICICI Bank and FAL Corporation. Previous year in September, shares of life insurance arm ICICI Prudential Life Insurance Company too had a tepid listing day. The scrip had closed the day down 11 per cent for the day.

DSP Merrill Lynch, ICICI Securities, IIFL Holdings, CLSA India, Edelweiss Financial Services, JM Financial Institutional Securities were among the coordinators and book running lead managers.

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