ICICI Lombard makes tepid debut, shares list nearly 2 per cent lower

New Delhi: Shares of ICICI Lombard General Insurance Company made a tepid debut at bourses today, falling nearly 2 per cent from the issue price of Rs 661.

The stock listed at Rs 650, down 1.66 per cent against the issue price on the BSE. It later slipped 3.45 per cent to hit a low of Rs 638.15. At the NSE, it debuted at Rs 651, a loss of 1.49 per cent, compared to the issue price.

In terms of equity volume, 27.76 lakh shares of the company were traded on the BSE and over 1 crore shares changed hands at the NSE during the morning trade. The company's market valuation stood at Rs 30,512.14 crore.

The initial share sale offer of ICICI Lombard -- the first for a general insurer -- was oversubscribed three times during September 15-19. The non-life insurer had fixed the price band at Rs 651- 661 per share for the Rs 5,700-crore IPO.

ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings. CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities were the book running lead managers of the IPO.