ICICI Lombard makes tepid debut after $871 million IPO.
Hindustan Times

Shares of ICICI Lombard General Insurance Company made a tepid debut at bourses today, falling nearly 2% from the issue price of Rs 661.
The stock listed at Rs 650, down 1.66% against the issue price on the BSE. It later slipped 3.45% to hit a low of Rs 638.15.
At the NSE, it debuted at Rs 651, a loss of 1.49%, 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.



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Thought of the day

Just as the sun gently moves the darkness of night out each morning, we too can move from darkness to light each day. Wake up to new life each day, freeing ourself from all things that do not serve us. Let them drift away with the night & fill that space with new hope each morning..Good Morning