ICICI Lombard General Insurance Co. Ltd is the first non-life company to go public in India. The IPO opened on 15 September and will close on 19 September. Being an offer for sale, ICICI Bank Ltd will dilute 7% of its stake in the insurance company, whereas Fairfax Financial Holdings Ltd will dilute 12% of its stake. The company looks to raise Rs5,700 crore from the IPO. There are 31 non-life insurers in India and ICICI Lombard leads among private insurers with a market share of 10%. Bhargav Dasgupta, managing director and chief executive officer, ICICI Lombard General Insurance, talks about how listing will bring in greater transparency and why a shift towards underwriting profits is better for customers. Edited excerpts:
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