ICICI Lombard General Insurance has received the capital market regulator's go-ahead for its estimated INR60 billion (US$938 million) initial public offer, following on the heels of two state-run general insurers - GIC Re and New India Assurance.
ICICI Lombard General Insurance, a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings, said in a statement that it would launch its IPO on 15 September. The issue will be the first by a general insurance company in India.
ICICI Lombard General Insurance will be the second insurance arm of the ICICI Bank group to list, after the INR60-billion listing of ICICI Prudential Life last year. ICICI Bank is the largest private-sector bank in India.
Separately, SBI Life, a joint venture between State Bank of India and BNP Paribas Cardif, has received the market regulator’s approval for the company's IPO to raise around INR85 billion, reported Livemint. The life insurer is looking to launch the IPO on 20 September, sources said on condition of anonymity.
Meanwhile, the regulator Securities and Exchange Board of India is seeking "clarification" from the insurance regulator IRDAI with regard to IPOs proposed by HDFC Standard Life, New India Assurance and GIC Re, reported Press Trust of India.
SEBI had sought clarification from IRDAI regarding GIC Re on 21 August, about New India Assurance on 16 August, and about HDFC Standard Life on 23 August.