ICICI Lombard seeks to raise up to $891 million in IPO

MUMBAI (Reuters) – ICICI Lombard General Insurance Co. Ltd. set a price range of 651 rupees to 661 rupees a share for its initial public offering, which will run Sept. 15-19, according to a stock exchange filing on Thursday.

At the upper end of the price range, the IPO on India’s two main stock exchanges will raise about 57 billion rupees ($ 891 million).

ICICI Lombard’s two main shareholders – ICICI Bank Ltd and Canada’s Fairfax Financial Holdings Ltd – are selling a combined 86.2 million shares, or a 19 percent stake, in the insurer in what is the first Indian IPO by a non-life insurance company.

Bank of America Merrill Lynch, ICICI Securities and IIFL are the global coordinators and bookrunners with Citic CLSA, Edelweiss and JM Financial.