Insurance IPOs take centre stage in India’s equity market

ICICI Lombard General Insurance Co has priced its Rp57bn ($884m) IPO at the top of the range, after strong institutional investor support made books nearly three times subscribed.

  • By Jonathan Breen
  • 21 Sep 2017

The deal comprised 86.2m secondary shares, including a 24.6m anchor portion, sold through an offer for sale. The stock, equal to 19% of ICICI Lombard’s equity capital, was on offer at Rp651-Rp661 apiece, giving the offer a possible size of Rp56.1bn-Rp57bn.

Shareholders FAL Corp and ICICI Bank provided 54.5m ...

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