The initial public offering (IPO) of ICICI Lombard General Insurance Co. Ltd will see its founders ICICI Bank Ltd and Prem Watsa’s Fairfax Financial Holdings Ltd collectively dilute a stake of at least 20%, said two people aware of the development.
ICICI Lombard’s IPO will be the first public offering by a general insurance company.
“The IPO is a pure offer for sale. Fairfax has already sold a large chunk of its stake in the company and it will be the biggest seller in the IPO too. Together, both ICICI and Fairfax are going to sell at least 20% stake in the company. Fairfax will sell 13% stake, while ICICI Bank is looking to sell at least 7%,” said one of the two people cited above, requesting anonymity as he is not authorized to speak to the media.
