ICICI Lombard General Insurance Company listed on the BSE with a discount of 1.66% at Rs. 650 as against the issue price of Rs. 661 for a company scrip. However, substantial buying interest pushed the stock higher by 3 per cent at Rs 685. The price band for the first general insurance company IPO issue was kept at Rs. 651-Rs. 661.
The issue which remained from September 15-19 received a good response and was subscribed 3 times. The complete OFS received bids for as many as 6,01,87,028 equity shares against the total size of 6,16,66,740 shares, as per the data with the NSE
Seeing the good financials of the company and the tremendous growth prospectus of the company together with the under-penetration in the general insurance segment, most of the analyst gave a subscribe rating to the issue.
Though the valuation for the issue took into account much of the positives for the company, it was still on the higher side and only few analysts had estimated listing gains for the scrip.
At 10:53am, the scrip was seen trading at Rs. 668.85 on the BSE.