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Friday, 15 September 2017

ICICI Lombard General Insurance IPO opens today

The Initial Public Offering of ICICI Lombard General Insurance Company will remain open for subscription today, Sept 15, and will close on Sept 19. The IPO will see ICICI Bank and Fairfax Financial Holdings sell about 86.24 million shares. The initial share sale values the company at Rs. 30,000 crore at the upper end of the price band level of Rs. 651 - 661 per share.

ICICIL is joint venture with ICICI Bank and Fairfax Financial Holdings. It is a multi-product general insurance player having market share, based on GDPI or gross direct premium income, of 8.4% among all non life insurers and 18% among private-sector non-life insurers.

ICICIL's investment assets jumped from Rs 10200 crore on March 31, 2015 to Rs. 15079 crore on March 31, 2017. It holds 18.0 percent share among private sector non-life insurers in the country and manages Rs. 164.5 billion of investment assets. ICICI Lombard General Insurance is the second large insurance company from the ICICI group to go public.
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