Rs 5,700-cr ICICI Lombard IPO subscribed 27% on Day One

The 61.7-mn share offering has so far received total bids for 16.5 mn shares

ICICI Lombard’s Rs 5,700-crore IPO garnered 27% subscription on Friday, the first day of the issue. The 61.7-million share offering has so far received total bids for 16.5 million shares. On Thursday, ICICI Lombard had allotted 24.5 million shares to anchor investors. The allotment was made at Rs 661 per share aggregating to Rs 1,620 crore. Some of the anchor investors include Nomura, BlackRock, HSBC, HDFC Standard Life and SBI Mutual Fund. The price band for the IPO is Rs 651-Rs 661 per share.

At the top-end of the price band, ICICI Lombard, a joint venture between private sector lender