NEW DELHI: The second-biggest IPO of the year, ICICI Lombard General Insurance Company, will make a debut on the domestic bourses on Wednesday.

Market sentiment is not the same as it was a few days back. We have seen mixed returns coming from primary markets in the recent past from Matrimony.com and Capacit’e Infraprojects.

Now, the key question on the minds of the investors who participated in the IPO is – will it make money for them on the listing day?

G Chokkalingam, Founder, Equinomics Research and Advisory said, “I have a doubt that ICICI Lombard will see very strong listing because of the change in market scenario. I believe shares of the company can list with a marginal premium of 2-3 per cent against the issue price.”

Notably, Capacit’e Infraprojects recently got listed with a premium of 60 per cent.

In the runup to the IPO, Nirmal Bang Securities had said that ICICI Lombard offers a range of products, including motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

The distribution channels are direct sales, individual agents, bank partners, other corporate agents, brokers, and online which help it to reach to customers in 618 out of 716 districts across India. Company was farmed as joint venture between ICICI Bank Limited and Fairfax Financial Holdings, the brokerage had said.

The Rs 5,700-crore issue, which was open during September 15 to September 19, was oversubscribed 2.98 times.

The quota reserved for qualified institutional buyers (QIBs) was oversubscribed by over 8 times. The insurer had fixed the price band at Rs 651-661 per share.

ICICI Lombard is the largest private-sector non-life insurer in India based on gross direct premium income and company has maintained this position 2004.