ICICI Lombard files for 1st Indian IPO by a non-life insurer

ICICI Lombard General Insurance, joint venture of ICICI Bank and Fairfax Financial Holdings, has filed draft prospectus for its IPO. This makes it the first non-life insurance company in India to file for IPO. Notably, this is the second insurance company from ICICI group to go public and will see ICICI Bank and Fairfax selling 7.15% and 12.27% stake, respectively.