ICICI Lombard public offer subscribed three times

ICICI Lombard can be a play on high-growth potential offered by the non-life insurance sector, say analysts

The Rs 5,700-crore initial public offering (IPO) of ICICI Lombard General Insurance Company garnered three times subscription. Its 61-million share offering saw a total bid of 183 million shares. Nearly 75 per cent of the bids came from institutional investors, with the qualified institutional buyer (QIB) seeing eight times more demand than the shares on offer.
 
The retail investor category saw 1.2 times subscription; high net worth individual (HNI) segment was subscribed only 82 per cent and the portion reserved for ICICI Bank shareholders barely saw a full subscription. The offering saw over one million investor applications. The price