ICICI Lombard gets Sebi nod for ~6,000-cr IPO

ICICI Lombard General Insurance Company has got the Securities and Exchange Board of India’s (Sebi’s) go-ahead for its estimated ~6,000 crore initial public offering (IPO), which could be the first by a general insurer in the country. Two state-run general insurers — General Insurance Corp of India and New India Assurance Company, as also two life insurance firms (SBI Life and HDFC Standard Life) have also lined up IPO plans and are awaiting Sebi's go-ahead for their respective draft papers. Among these, Sebi is awaiting “clarification” from insurance regulator Irdai with regard to IPOs by HDFC Standard Life, New India Assurance and General Insurance, according to the latest update available with Sebi on these IPOs. In case of SBI Life, the market regulator received the required details from Irdai on August 28 and the case is currently "under process" at Sebi's end.