ICICI Lombard shares recover; end over 3% up in mkt debut
Shares of ICICI Lombard General
Insurance Company recovered from initial losses to end over 3
per cent higher than the issue price of Rs 661 in the debut
The stock listed at Rs 650, down 1.66 per cent from the
issue price on BSE. However, it later gathered momentum and
gained 3.10 per cent to settle at Rs 681.55. During the day,
it touched a high of Rs 694, up 4.99 per cent.
At NSE, the stock closed at Rs 681.20, a gain of 3 per
cent against the issue price. The stock had debuted at Rs
651.10, a discount of 1.49 per cent from the issue price.
In terms of equity volume, 59.12 lakh shares of the
company were traded on BSE and over 3 crore shares changed
hands at NSE during the day.
The company's market valuation stood at Rs 30,938.85
The initial share sale offer of ICICI Lombard 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.
For the ICICI Bank group, this was the second public
offer. 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 were the book running lead
managers of the IPO. DSP Merrill Lynch, IIFL Holdings and
ICICI Securities were the global coordinators and BRLMs to the
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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