Davis Polk advised the global co-coordinators and the book-running lead managers on the INR 57.01 billion (approximately $871 million) initial public offering and listing on the Bombay Stock Exchange and the National Stock Exchange of India of the equity shares of ICICI Lombard General Insurance Company Limited. The initial public offering consisted solely of a secondary offering of 31,761,478 shares by ICICI Bank Limited, the promoter selling shareholder, and 54,485,709 shares by FAL Corporation, including a reservation of 4,312,359 shares for certain ICICI Bank shareholders. The shares were sold inside India in a public offering registered with the Securities and Exchange Board of India and outside India in a private placement to a limited number of institutional and other investors under available offering exemptions in other jurisdictions, including the United States. The IPO is considered the first public offering in India by a domestic general insurance company.

ICICI Lombard is the largest private-sector non-life insurer in India based on gross direct premium income and is a joint venture between ICICI Bank, India’s largest private sector bank by total assets, and Fairfax Financial Holdings Limited, a Canadian holding company engaged in property and casualty insurance and reinsurance and investment management. 

The Davis Polk corporate team included partner William F. Barron, counsel Gerhard Radtke and Faisal Baloch and registered foreign lawyer Tae-Hun Kim. Partner John D. Paton, counsel Alon Gurfinkel and associates Veronica Orecharova and Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

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