ICICI Lombard shares recover; end over 3 per cent up in market debut

NEW DELHI: Shares of ICICI Lombard General Insurance Company recovered from initial losses to end over 3 per cent higher than the issue price of Rs 661 in the debut trade today.

The stock listed at Rs 650, down 1.66 per cent from the issue price on BSE. However, it later gathered momentum and gained 3.10 per cent to settle at Rs 681.55. During the day, it touched a high of Rs 694, up 4.99 per cent.

At NSE, the stock closed at Rs 681.20, a gain of 3 per cent against the issue price. The stock had debuted at Rs 651.10, a discount of 1.49 per cent from the issue price.

In terms of equity volume, 59.12 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

The company's market valuation stood at Rs 30,938.85 crore.

The initial share sale offer of ICICI Lombard was oversubscribed three times during September 15-19.

The non-life insurer had fixed the price band at Rs 651661 per share for the Rs 5,700-crore IPO.

For the ICICI Bank group, this was the second public offer. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.

CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities were the book running lead managers of the IPO. DSP Merrill Lynch, IIFL Holdings and ICICI Securities were the global coordinators and BRLMs to the issue.