ICICI Lombard IPO kicks off; will continue till Sep 19

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New Delhi: ICICI Lombard General Insurance Company, country’s largest non-life private sector insurer, opened up its mega Rs 5,700 crore initial public offer (IPO) on Friday. The offering will continue till September 19.

The insurance company on Thursday raised Rs 1625 crore from 64 anchor investors including Goldman Sachs India, BNP Paribas, Kuwait Investment Authority Fund, Citigroup Global Markets Mauritius.

Public have the opportunity to buy 6, 16, 66,740 shares with offer of Rs 651–Rs 661 per share which means each investor has to invest a minimum of Rs 14542 for each share since there are 22 shares in each lot.

The IPO is a joint venture of ICICI bank, ICICI Lombard and Firefax. While ICICI bank will sell 7.15 % of shares in IPO, Firefax will sell 12.27 %.

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