ICICI Lombard IPO gets fully subscribed
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As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange.
Indian insurerICICILombard's initial public offering of shares to raise as much as $888.40 millionwasfullysubscribedearly on the last day of the sale onTuesday, stock exchange data showed.
As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange.
The company's two main shareholders -ICICIBank Ltd and Canada's Fairfax Financial Holdings Ltd - are selling a combined 86.2 million shares, or a 19 per cent stake, in what is the first Indian IPOby a non-life insurer.
Biddingfor the sale closeslateronTuesday.
Exchange data showed qualified institutional buyers had bid for 2.37 times the shares on offer for that category, while retail investors had bid 0.62 times, shareholders bid for 0.58 times and non-institutional investors bid 0.10 times.