Mumbai, Sept. 8: A price band of Rs 651-661 per share has been fixed for the initial public offering (IPO) of ICICI Lombard General Insurance Company (ICICI Lombard). The public offer will mobilise around Rs 5,700 crore for the promoters.

The IPO will open on September 15 and close on September 19 and ICICI Lombard, which is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings, will be the first general insurance company to get listed on the bourses.

However, the proceeds from the sale will go to the promoters - the offer for sale will see ICICI Bank offloading 3.2 crore shares and Fairfax, 5.5 crore shares. ICICI Lombard has reserved 43 lakh shares for the shareholders of ICICI Bank.

Post issue, the shareholding of Fairfax will come down to 9.91 per cent from 21.9 per cent, while ICICI Bank's holding will be down to 55.95 per cent from 62.95 per cent.

"The company (ICICI Lombard) is now at a threshold where listing will give a positioning," Chanda Kochhar, managing director and chief executive of parent ICICI Bank, told newspersons here today. She added that proceeds of the issue will add to the profitability of the bank.

Bhargav Dasgupta,chief executive of ICICI Lombard, said there was no immediate requirement of capital. He added that around 15-20 per cent growth rate in the overall premium was expected for the industry in the current fiscal.

At least four more insurance IPOs are expected - New India Assurance, GIC Re, SBI Life and HDFC Standard Life.

Dixon Tech float

The initial share sale of consumer electronics manufacturer Dixon Technologies generated strong demand from investors and was subscribed 117.69 times on the last day of the three-day bidding today. The company has fixed the price band at Rs 1,760-1,766 per share.