Private sector nonlife insurer ICICI Lombard IPO will open for subscription in the coming week. ICICI Lombard General Insurance Company's estimated Rs. 6,000-crore initial public offer (IPO) will open for subscription on September 15.
"The offer will open for subscription to the public on September 15, 2017, and shall close on September 19, 2017," ICICI Bank said in a regulatory filing.
Know more about the ICICI Lombard IPO:
The price band for the IPO offer will be advertised at least five working days prior to the subscription opening date. The issue will open on September 15 and close on September 19. IPO Alert: These Four IPO's To Hit The Market
ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd. 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 go-ahead from capital market regulator Sebi for the IPO, which would be the first by a general insurer in the country.
IPOs on the way
Two state-run general insurers General Insurance Corp of India and New India Assurance Company as well as two life insurance firms - SBI Life and HDFC Standard Life have also lined up IPO plans and are awaiting Sebi's approval.
Worth of IPO
The ICICI Lombard General Insurance Company IPO involves dilution of up to 86,247,187 equity shares of face value of Rs. 10 each. According to market sources, the IPO could be worth about Rs. 6,000 crore.
ICICI bank shares
At 11:16 am, shares of ICICI Bank were trading 0.15 per cent higher at Rs. 295.70 apiece on the BSE, whose benchmark Sensex index was up 36 points or 0.11 per cent. 6 Biggest Mistakes Stock Market Investors Makes