Mumbai: Nation’s leading private sector General Insurance Corporation ICICI Lombard Ltd. on Wednesday reported a 3% increase in shares following general insurer’s Rs 5,700-crore initial public offer (IPO) was subscribed three times former this month. About 12.20pm, they were trading higher 2.87% at Rs680, whereas Sensex dealing 0.59% drops at 31,412.55 points.
They commenced 1.66% decreased on the BSE at Rs 50 per share, contrast to the issue price of Rs 661, which was the upper end price between Rs 651-Rs 661 each share. ICICI Lombard is the biggest private insurance firm with 8.4% market share on gross direct premium income (GDPI) premise among all non-life back up plans in India.
It holds 18.0% offer among private division non-life safety net providers in the nation, and oversees Rs16,450 crore of speculation resources. The IPO valuation is a noteworthy increase from the valuation of Rs20,300 crore in May, when Fairfax sold a 12.18% stake to a group of purchasers, including private value firm Warburg Pincus.
The deal brought Fairfax around $383 million (around Rs2, 372.5 crore). ICICI Lombard General Insurance is the second insurance agency from the ICICI gathering to open up to the world. A year ago, ICICI Prudential Life Insurance Co. Ltd brought Rs6,000 crore up in an underlying offer deal, the primary open offering by an Indian life safety net provider.