ICICI Lombard had a very mild and tepid debut on the exchanges today. On the BSE it got listed at Rs.650, lower than its issue price of Rs.661. The stock slipped further to Rs.638 but has since then recovered and is now at Rs.677, finally above the IPO price.

This Rs.5700 crore IPO was subscribed 3 times with qualified institutional investors leading at 8.17 times, HNIs was 0.82 times and retail was better at 1.22 times.

In our New issue analysis we had stated that short term gains would not accrue, saying, “Although valuations are steep, company’s strong leadership position, consistent track record and sector growth trajectory make the issue a subscribe, with potential to deliver 20% annual returns, over the long term.”