ICICI Lombard makes tepid debut, shares list nearly 2% lower

Shares of ICICI Lombard General

Insurance Company made a tepid debut at bourses today, falling

nearly 2 per cent from the issue price of Rs 661.

The stock listed at Rs 650, down 1.66 per cent against

the issue price on the BSE. It later slipped 3.45 per cent to

hit a low of Rs 638.15.

At the NSE, it debuted at Rs 651, a loss of 1.49 per

cent, compared to the issue price.

In terms of equity volume, 27.76 lakh shares of the

company were traded on the BSE and over 1 crore shares changed

hands at the NSE during the morning trade.

The company's market valuation stood at Rs 30,512.14

crore.

The initial share sale offer of ICICI Lombard -- the

first for a general insurer -- was oversubscribed three times

during September 15-19.

The non-life insurer had fixed the price band at Rs 651-

661 per share for the Rs 5,700-crore IPO.

ICICI Lombard General Insurance is a joint venture

between ICICI Bank and Canadian NRI Prem Watsa-promoted

Fairfax Financial Holdings.

CLSA India Private, Edelweiss Financial Services and JM

Financial Institutional Securities were 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.)