ICICI Lombard General Insurance Company raised Rs 1619.45 crore from anchor investors, ahead of its initial public offering on Friday.
The first general insurer in India to go public, ICICI Lombard allotted 2.46 crore shares to 64 anchor investors, according to an exchange filing. Shares were offered at the upper end of the price band of Rs 661 apiece.
DSP Black Rock, SBI Life Insurance, HSBC Global investment fund, BNP Paribas Equity Fund, Birla Sun Life, Reliance Nippon Life Insurance, Goldman Sachs were among the anchor investors.
Ahead of the launch of an IPO, shares are allotted to anchor investors – usually large foreign and domestic funds – to show backing for the offer by institutional investors.
ICICI Lombard, a joint venture between private lender ICICI Bank Ltd. and Canada’s Fairfax Financial Holdings, will sell 8.6 crore shares through an offer for sale at Rs 651-661 a piece to raise up to Rs 5,700 crore. The public issue has also kept aside 43.12 lakh shares for ICICI bank shareholders.
ICICI Lombard will be the second insurance subsidiary of ICICI Bank to go public after its life insurance arm ICICI Prudential Life Insurance Company listed last year after a Rs 6,057-crore IPO.
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