ICICI Lombard General Insurance Company Limited IPO
ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings. The IPO will help shareholders to monetise their holdings and help Fairfax, which currently holds 35 per cent in the joint venture, to divest its stake.
The company has an overall market share of 8.4 per cent in the general insurance sector and is a major player in the vehicle, home, travel and health space. The firm has vast network of 19,800 agents/brokers.
Canadian Investor : Fairfax has got a preliminary conditional nod from regulator Insurance Regulatory and Development Authority of India (Irdai) for a new non-life venture with another partner. It is reportedly looking to part-sell its stake to another buyer. As per regulatory requirements, Fairfax will have to bring down its holding to 10 per cent in ICICI Lombard.
Any such stake sale could have an indirect bearing on the valuations of ICICI Lombard. ICICI Lombard was valued at Rs 17,000-19,000 crores as per recent brokerage reports and a dilution of 25 per cent would fetch the insurer around Rs 4,500 crores. A 15 per cent dilution would fetch about Rs 3,000 crore
Objects of the Issue:
Listing Date: Sep 27 2017
|Open Date:||Sep 15 2017|
|Close Date:||Sep 19 2017|
|Face Value:||₹ 10 Per Equity Share|
|Issue Type:||Book Built Issue IPO|
|Issue Size:||5,700.94 Cr.|
|Lot Size:||22 Shares|
|Issue Price:||₹ 651-661 Per Equity Share|
|Listing Date:||Sep 27 2017|
Promoters And Management:
|Particulars||For the year/period ended (in Rs. million)|
|Profit After Tax||6,418.2||5,053.4||5,853.2||5,200.7||3,527.8|