ICICI Lombard receives SEBI's nod for IPO

India Infoline News Service | Mumbai | September 06, 2017 14:45 IST

ICICI Lombard General Insurance Company has received capital markets regulator, SEBI's nod for its estimated Rs 6,000 crore initial public offer (IPO), which could be the first by a general insurer in the country.

ICICI Lombard General Insurance Company has received capital markets regulator, SEBI's nod for its estimated Rs 6,000 crore initial public offer (IPO), which could be the first by a general insurer in the country. Among other general insurance companies, General Insurance Corp of India and New India Assurance Company are also planning to come up with their IPOs.
 
The IPO is a public offer of up to 86,247,187 equity shares. The company had filed its draft red herring prospectus (DRHP) with SEBI on July 14, 2017.
 
The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of up to 86,247,187 equity shares by the selling shareholders. The listing of the equity shares will enhance the “ICICI Lombard” brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for the equity shares in India. The company will not receive any proceeds from the offer.
 
DSP Merrill Lynch, ICICI Securities, IIFL Holdings, CLSA India, Edelweiss Financial Services, JM Financial Institutional Securities are among the global coordinators and book running lead managers.
 
ICICI Lombard is a joint venture between ICICI Bank and Fairfax Financial Holdings, a Canada- based company.

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