Mumbai: Shares of ICICI Lombard General Insurance Co. Ltd debuted 2.9% lower on the bourses on Wednesday, after the general insurer’s Rs5,700-crore initial public offer (IPO) was subscribed nearly three times earlier this month.
ICICI Lombard shares opened 1.66% lower on the BSE at Rs650 apiece, compared to the issue price of Rs661, which was the upper end of the price band between Rs651-Rs661 per share.
At 10.03am, they were down 1.8% at Rs648.95, while Sensex traded 0.03% lower at 31,590.93. Earlier in the day, the stock touched a high of Rs654.90 and a low of Rs638.15 respectively.
ICICI Lombard is the largest private insurance firm with 8.4% market share on gross direct premium income (GDPI) basis among all non-life insurers in India. It holds 18.0% share among private sector non-life insurers in the country, and manages Rs16,450 crore of investment assets.
ICICI Lombard General Insurance is the second insurance company from the ICICI group to go public. Last year, ICICI Prudential Life Insurance Co. Ltd raised Rs6,000 crore in an initial share sale, the first public offering by an Indian life insurer.