A complete OFS issue of ICICI Lombard which was successful despite its steep valuation will make its debut on the bourses tomorrow. The overwhelming response to the issue is well visible as the issue got oversubscribed to the tunes of three times during the issue period of September 15-September 19 mainly due to good market sentiments during this time.
The price band for the issue was kept at Rs. 651 to Rs. 661 per share and mainly involved stake sale by ICICI Bank and FairFax. As per the data with the NSE, the company received bids for as many as 6,01,87,028 equity shares against the total size of 6,16,66,740 shares.
This was a second IPO for the group company, ICICI Bank, which cam e up with the IPO issue of its life insurance arm and raised a whopping sum of Rs. 6000 crore.