ICICI Lombard IPO oversubscribed 1.26 times

The initial share sale offer of ICICI Lombard General Insurance Company was oversubscribed 1.26 times so far on the last day of bidding today.

The initial public offer (IPO), through which the insurer is looking to raise about Rs 5,700 crore, received bids for 7,79,16,850 shares against the total issue size of 6,16,66,740 shares, data available with the NSE till 1230 hours showed.

ICICI Lombard General Insurance on Thursday had raised Rs 1,625 crore from anchor investors.

The company's IPO involves dilution of up to 8,62,47,187 shares by promoters ICICI Bank and Fairfax.

The insurer is looking to raise about Rs 5,700 crore at the higher end of the price band which is fixed at Rs 651-661 per share.

Post-issue, the shareholding of Fairfax will come down to 9.91 per cent from 21.9 per cent now, while the same for ICICI Bank will be reduced to 55.95 per cent from 62.95 per cent.

ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

For the ICICI Bank group, this is the second public offer this fiscal. 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 are the book running lead managers of the IPO.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)