DAINIK NATION BUREAU
ICICI Lombard General Insurance Company made a sluggish debut at stock exchanges on wednesday. Shares of ICICI Lombard, India’s largest private sector non-life insurer, fell as much as 3.38 per cent to Rs. 638.65 against its issue price of Rs 661.
The stock failed to give listing gains to its investors because of the recent weakness seen in the markets, analysts say. ICICI Lombard’s Rs. 5,700-crore IPO, the second biggest this year, was subscribed three times during September 15-19. Institutional investors’ segment of the IPO was subscribed over eight times.
It was purely an offer for sale (OFS), in which its promoter ICICI Bank offloaded a 7 per cent stake and Fairfax Financial sold a 12 per cent stake.
It is India’s largest private sector non-life insurance company with a market share of 20.2 per cent in the first quarter of FY2018 among all the private non-life insurance players in India. It has maintained its leadership position among private non-life insurers since 2004, supported by its robust franchise, a comprehensive product portfolio and a multi-channel distribution network, said market experts.
It has a diversified product mix comprising motor, health & personal accident, crop/weather, fire, marine and engineering insurance products, which contributed 42.3, 18.9, 20.1, 6.9, 3.2 and 2.1 per cent to its gross direct premium income (GDPI) in FY2017 respectively.