ICICI Lombard IPO Oversubscribed On Final Day

Final Day Subscription (As of 6 pm)

• Qualified institutional buyers: 8.17 times
  
• High net-worth individuals: 0.83 times
  
• Retail investors: 1.20 times
  
• ICICI Bank shareholders: 0.99 times
  
• Overall: 2.97 times

ICICI Lombard General Insurance Company's Rs 5,700-crore initial public offering was oversubscribed on the final day of bidding.

The public issue of the general insurer was subscribed 2.97 times the number of shares on offer, according to data shared by lead bankers as of 6:00 pm.

The quota reserved for qualified institutional buyers was subscribed 8.17 times, while the demand from high net-worth individuals was muted with bids coming in for 0.83 times the number of shares on offer. Shares reserved for retail investors was subscribed 1.20 times and the quota for ICICI Bank shareholders was subscribed 0.99 times.

Ahead of the IPO, ICICI Lombard, which is the second insurance subsidiary of ICICI Bank to go public, raised Rs 1619.45 crore from 64 anchor investors. It is also the largest private non‐life insurer in India.

The price band of the IPO has been fixed at Rs 651-661 apiece. The proceeds of the offer will not go to the company as it's an offer by shareholders to part-sell their stake, in a move to list the company.

ICICI Lombard which is a joint venture between private lender ICICI Bank Ltd. and Canada's Fairfax Financial Holdings, will issue 8.6 crore shares through the offer for sale route.

The book running lead managers of the IPO are CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities.

• ICICI Bank is selling 3.1 crore shares.
• An indirect subsidiary of Fairfax Financial Holdings is offloading 5.6 crore shares.
• ICICI Bank's holding will fall to 55.95 percent from 62.95 percent.
• Fairfax's stake will come down to 9.91 percent from 21.9 percent.
• Of the total 8.6 crore equity shares, 5 percent is reserved for ICICI Bank shareholders, reducing the net offer to 8.2 crore equity shares.

Also Read: All You Need To Know About ICICI Lombard IPO