Mumbai: ICICI Lombard General Insurance Co Ltd, India's top private sector non-life insurer, fell as much as 3.4 percent in its market debut on Wednesday, after its initial public offering last week raised $871 million.
As of 10:01 am, ICICI Lombard shares were trading at 643.50 rupees on the National Stock Exchange, 2.7 percent lower than the IPO issue price of 661 rupees.
The initial share sale offer of ICICI Lombard was oversubscribed 3 times during September 15-19.
The insurer had fixed the price band at Rs 651-661 per share for the Rs 5,700-crore IPO.
ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.
For the ICICI Bank group, this was the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.
CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities were the book running lead managers of the IPO.
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