ICICI Lombard seeks to raise up to $891 million in IPO
Thu Sep 07 2017
Ramesh Sridharan (876 articles)

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.

Ramesh Sridharan

Ramesh Sridharan

Ramesh Sridharan is our Stock Market Correspondent covering events and daily movements of stock markets in Asia. He is based in Mumbai

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