8 PSUs declare bonus issue in 2016

ICICI Lombard

Institutional portion fully subscribed, retail 60% covered, wealthy investor portion subscribed just 8%


LATEST NEWS :  The Rs 5,700-crore initial public offering (IPO) of ICICI Lombard, the country's largest private sector general insurer, was subscribed 67 per cent a day before its close. The institutional portion of the offering has been fully subscribed, the retail portion has been 60 per cent covered and wealthy investor portion was subscribed just eight per cent. The IPO closes on Tuesday. The price band for the IPO is Rs 651 to Rs 661 per share. At the top-end of the price band, ICICI Lombard, a joint venture between private sector lender ICICI Bank and Canada's Fairfax Financial Holdings, will be valued at nearly Rs 30,000 crore.

The entire IPO is offer for sale (OFS) by ICICI Bank and Fairfax, who are offloading their seven per cent and 12 per cent stake respectively.


Many brokerages are recommending their clients to subscribe to the IPO for "long-term gains".

"At the upper band of Rs 661, the company trades at 46.5 times March 2017 earnings. Return on equity is also expected to remain strong in the range of 18-20 per cent on high investment income and better operating efficiency. The company has robust payout ratio. Hence, we recommend subscribing for long-term gains," Prabhudas Lilladher says in a note.

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