September 19, 2017 / 5:40 AM / a year ago

India's ICICI Lombard IPO gets fully subscribed, bidding ends later on Tues

MUMBAI, Sept 19 (Reuters) - Indian insurer ICICI Lombard’s initial public offering of shares to raise as much as 57 billion rupees ($888.40 million) was fully subscribed early on the last day of the sale on Tuesday, stock exchange data showed.

As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange.

The company’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 what is the first Indian IPO by a non-life insurer.

Bidding for the sale closes later on Tuesday.

Exchange data showed qualified institutional buyers had bid for 2.37 times the shares on offer for that category, while retail investors had bid 0.62 times, shareholders bid for 0.58 times and non-institutional investors bid 0.10 times. ($1 = 64.1600 Indian rupees) (Reporting by Devidutta Tripathy and Swati Bhat; Editing by Subhranshu Sahu)

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