ICICI Lombard's IPO to hit markets on Sep 15, 2017

ICICI Bank Limited's subsidiary ICICI Lombard General Insurance Company Limited ('ICICI Lombard') had filed its red herring prospectus with the Registrar of Companies, Maharashtra and the same was approved on September 6, 2017. The offer includes a reservation of up to 4,312,359 equity shares of ICICI Lombard for purchase by ICICI Bank shareholders, i.e., the individuals and HUFs who are the public equity shareholders of ICICI Bank Limited (excluding such other persons not eligible under applicable laws, rules, regulations and guidelines and American Depository Receipt holders of ICICI Bank Limited) as on the date of the Red Herring Prospectus.

The offer will open for subscription to public on Friday, September 15, 2017 and shall close on Tuesday, September 19, 2017.

ICICI Lombard has proposed initial public offering ('Offer') of 86,247,187 equity shares.

The price band to the offer has been fixed between Rs. 651 to Rs. 661 per equity share as decided by ICICI Lombard and the selling shareholders in consultation with the lead managers to the offer.

Shares of ICICI BANK LTD. was last trading in BSE at Rs.292.7 as compared to the previous close of Rs. 295.25. The total number of shares traded during the day was 1889483 in over 6934 trades.

The stock hit an intraday high of Rs. 298.55 and intraday low of 292.1. The net turnover during the day was Rs. 557405409.

Source : Equity Bulls

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