IPO: General insurance can be the next hot spot

ICICI Lombard General Insurance launches this week. This is the first general insurance IPO

Devangshu Dutta 

The IPO of ICICI Lombard General Insurance will launch this week. The Rs 5,700-crore offering is the second in the insurance sector. ICICI Bank and Fairfax, will together sell roughly 86 million shares at a price band of Rs 651-661. ICICI Bank is selling 7.15 per cent stake while Fairfax is selling 12.3 per cent. No new shares are being issued. Fairfax will retain a stake of just under 10 per cent post-IPO while ICICI Bank will hold 58 per cent. The band implies a valuation of roughly Rs 30,000 crore, if the upper end is hit. The last private deal in the company came in May, at a ...

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First Published: Tue, September 12 2017. 18:00 IST