September 7, 2017 / 3:58 PM / a year ago

India's ICICI Lombard seeks to raise up to $891 mln in IPO

MUMBAI, Sept 7 (Reuters) - India’s ICICI Lombard General Insurance Co. Ltd. set a price range of 651 rupees to 661 rupees a share for its initial public offering, which will run Sept. 15-19, according to a stock exchange filing on Thursday.

At the upper end of the price range, the IPO on India’s two main stock exchanges will raise about 57 billion rupees ($891 million).

ICICI Lombard’s two main shareholders - ICICI Bank Ltd and Canada’s Fairfax Financial Holdings Ltd - are selling a combined 86.2 million shares, or a 19 percent stake, in the insurer in what is the first Indian IPO by a non-life insurance company.

Bank of America Merrill Lynch, ICICI Securities and IIFL are the global coordinators and bookrunners with Citic CLSA, Edelweiss and JM Financial. ($1 = 64.0100 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Susan Fenton)

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