Mumbai: It's a rather lackluster debut for ICICI Lombard General Insurance Company shares on the bourses this morning, with investors largely refraining from making significant moves at the counter.
The stock opened at Rs 650 on BSE, a discount to the issue price, and after declining to Rs 638.15, is currently at Rs 663, up with a small gain. On the National Stock Exchange, the stock touched a low of Rs 638.65 and a high of Rs 663.90.
On NSE, the counter has clocked a volume of 13.7 million shares so far in the session. On BSE, more than 2.1 million shares have changed hands so far at the ICICI Lombard General Insurance counter.
ICICI Lombard General Insurance, which is a joint venture between ICICI Bank and Fairfax Financial Holdings, came out with its Rs 5700 crore IPO earlier this month (September 15 - 19) with a price band of Rs 651 - 661 per share. ICICI Bank's life insurance subsidiary ICICI Prudential had come out with its IPO in September 2016 and mopped up Rs 6000 crore.
The of 8.625 crore equity shares issue of ICICI Lombard comprised of an offer for sale of up to 3,17,61,478 shares by ICICI Bank and up to 5,44,85,709 shares by Fairfax's nominee FAL Corporation, constituting 19 percent of post-offer paid-up equity share capital.
The issue was oversubscribed three times. The qualified institutional investors portion got subscribed 8.17 times and non-institutional investors portion was subscribed 0.82 times, while the retail investors category got subscribed 1.22 times. The company fixed the final issue price at Rs 661 a share.
After the issue, ICICI Bank's holding in the company has come down to 55.92% from earlier 62.92%.
Among the products offered by ICICI Lombard General Insurance Company are motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance. The company has distribution channels - bank associates, individual agents and brokers. It offers products through direct sales and online as well.
