The offer for sale of 8.62 cr shares in ICICI Lombard General Insurance Company Limited was subscribed but not without hiccups. The non-institutional response was tepid and remained undersubscribed. Earlier ICICI Lombard allotted 2,45,80,447 shares to 64 anchor investors comprising of 94 entities. The largest application has been made to Nomura of 18.15 lakh shares which amounts to 7.4% of the anchor allotment. Domestic mutual funds have been allocated 86.30 lakh shares which is 35.11% of the total allotment. The anchor book was impressive on all counts.

The issue was subscribed 2.98 times overall with QIB portion subscribed 8.17 times. HNI portion was subscribed 0.83 times while retail portion was subscribed 1.23 times. The shareholder category remained undersubscribed at 0.99 times. The response could be termed as lukewarm and was certainly below expectations. The price band was Rs 651-661. One is fearful of history repeating itself where shares of ICICI Prudential listed below the issue price and took a good four month to trade above the IPO price.

Details of the subscription are given below: –