ICICI Lombard General Insurance Co Ltd, the country's top private sector non-life insurer, on Wednesday made a tepid debut on BSE, as the scrip got listed at Rs 650, a 1.66 per cent discount to its issue price of Rs 661 per share.

The scrip fell as much as 3.4 per cent in its market debut on Wednesday, after its initial public offering last week had raised $871 million. On the NSE, the insurer's shares were trading at Rs 643.50, 2.7 per cent lower than the IPO issue price of Rs 661.

The initial public offer (IPO), the first by any general insurance company, was sold in at Rs 651-661 price band during September 15-19. The Rs 5,700 crore issue had receive good investor response. It was subscribed 3 times.

ICICI Lombard General Insurance Co Ltd's initial public offering of shares raised up to Rs. 5,700 crore ($892 million), the latest listing in what is expected to be a record-setting year for India.

The company's two main shareholders - ICICI Bank Ltd ICBK.NS and Canada's Fairfax Financial Holdings Ltd FFH.TO - sold a combined 86.2 million shares, or a 19 per cent stake, in what is the first Indian IPO by a non-life insurer.