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
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.)
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