- ICICI Lombard is India's largest private sector non-life insurance firm
- ICICI Lombard stock fell 3.38% to Rs 638.65 against issue price of Rs 661
- ICICI Lombard IPO was subscribed 3 times during September 15-19
ICICI Lombard's IPO 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.
ICICI Lombard General Insurance Company 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.
ICICI Lombard 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, say analysts.
ICICI Lombard 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.
ICICI Lombard has reported a net profit of Rs. 642 crore in FY17, up 27 per cent over the previous fiscal year. For the first quarter of current fiscal year, the company reported a net profit of Rs. 214.3 crore, an annual growth of 66 per cent.
"Currently due to the high liquidity in the market, companies are pricing themselves at a higher premium," Gupta said.
"However, from a long-term perspective it still is a good investment."
As of 11:35 am, ICICI Lombard shares traded 2.60 per cent higher at Rs 678.20.
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