ICICI Lombard IPO 2017: price band, dates, listing

IPO size and structure

ICICI Lombard General Insurance Company’s initial public offering (IPO) was a book-built issue aggregating up to ₹5,700.94 crore. The issue was entirely an offer for sale (OFS), with no fresh issue. The OFS involved 86,247,187 equity shares (8.62 crore shares) of face value ₹10 per share. The company was positioned as the first general insurer to come to the public markets through an IPO. The offer was marketed as a main-board IPO and shares were listed on both BSE and NSE.

Price band, issue price, and lot size

The IPO price band was fixed at ₹651 to ₹661 per share, with the final issue price at ₹661 per share. The minimum order quantity was set at 22 shares. Based on the issue price, the minimum retail application amount worked out to ₹0.0014322 crore for one lot (22 shares). For non-institutional investors, the lot-size examples provided were sNII: 14 lots (308 shares) at ₹0.0203588 crore and bNII: 69 lots (1,518 shares) at ₹0.1003398 crore.

Key dates: open, close, allotment, and listing

The IPO opened on Friday, September 15, 2017, and closed on Tuesday, September 19, 2017. The basis of allotment was finalised on September 22, 2017. Refunds were initiated on September 25, 2017, followed by credit of shares to demat accounts on September 26, 2017. The listing took place on September 27, 2017, on the NSE and BSE.

Anchor book and lead managers

ICICI Lombard raised ₹1,624.77 crore from anchor investors. The anchor bid date was September 14, 2017, a day before the IPO opened. The book running lead managers mentioned for the issue were CLSA India Private, Edelweiss Financial Services, and JM Financial Institutional Securities.

Promoters and ownership context

The promoter named for ICICI Lombard General Insurance Company was ICICI Bank Limited. The company was described as a joint venture between ICICI Bank and Fairfax Financial Holdings, which is associated with Canadian investor Prem Watsa. Because the IPO was structured as an OFS, it reflected a dilution by existing shareholders rather than new capital being raised by the insurer.

Subscription and demand snapshots reported by the exchange

Multiple demand snapshots were reported from NSE data during the offer period. One report cited bids for 60,187,028 shares against a total issue size of 61,666,740 shares. Other reports referenced bids of 77,916,850 shares and 183,460,772 shares against the same issue size of 61,666,740 shares, at different points in time. Separately, the IPO was also described as being oversubscribed three times over the September 15 to September 19 window.

Listing day: tepid start, stronger close

On debut, ICICI Lombard shares opened below the issue price. On the BSE, the stock listed at ₹650, which was down 1.66% versus the issue price of ₹661. On the NSE, it debuted at ₹651.10, described as around 1.49% to 1.5% lower than the issue price. Trading activity reported for the morning session included 27.76 lakh shares on the BSE and over 1 crore shares on the NSE. By the close, reports noted a recovery, with the NSE closing price at ₹681.20, up about 3% against the issue price.

Market value and what the numbers implied that day

On the listing day, the company’s market valuation was reported at ₹30,512.14 crore. The day’s price action captured two things investors typically watch in a large OFS IPO: the initial demand at the open versus the price band, and whether institutions and broader market liquidity support a closing price above the issue price. In this case, the opening prints were at a discount, but the stock finished the day above the issue price, according to the NSE closing figure cited.

Summary table: IPO terms and timeline

Company contact details shared in the IPO context

ICICI Lombard General Insurance Company Limited was listed with its address as: 15th Floor, Tower B, Peninsula Business Park, Lower Parel, Mumbai 400 013. The phone number provided was +91 22 6196 1100, with fax +91 22 6196 1323. The email mentioned was [email protected] and the website was www.icicilombard.com.

Conclusion

ICICI Lombard’s 2017 IPO was a large ₹5,700.94 crore OFS priced at ₹661, with a 22-share lot and an anchor placement of ₹1,624.77 crore. The stock listed on September 27, 2017 at a discount but ended the debut session above the issue price, based on the closing figure reported for the NSE.