ICICI Lombard IPO Basis of Allotment

ICICI Lombard General Insurance Company Limited

Our Company was incorporated at Mumbai on October 30,2000 as ICICI Lombard General Insurance Company Limited, a public limited company under the Companies Act, 1956. as amended. Our Company obtained the certificate of commencement ot business on January 11,2001 issued by the Registrar of Companies, Mumbai (the 'RoC') For details relating to change in the registered office of our Company, see 'History and Certain Corporate Matters' on page 191 of foe Prospectus .

Registered Office:ICICI Lombard House 414,Veer Savarkar Marg, Near Siddhivinayak Temple Prabhadevi, Mumbai 400 025; Tel: (91 22) 61961100. Fax: (91 22) 61961323. Corporate Office: 15th Floor. Tower B, Pennsula Business Part, Lower Parel, Mumbai 400013; Tel: (91 22) 6196 1100, Fax: (91 22) 6196 1323. Contact Person: Vikas Mehra. Company Secretary and Compliance Officer; E-mail: investors@icicilombard.com; Website: https://www.iciclombard.com; Corporate Identity Number: U67200MH2000PLC129408: IRDAI Registration Number: 115; Date of Registration: August 3,2001.

OUR PROMOTER: ICICI BANK LIMITED

Our Company has filed the Prospectus dated September 21, 2017 with the Registrar of Companies, (the 'Prospectus') and the Equity Shares are proposed to be listed on BSE Limited ('BSE') and National Stock Exchange of India Limited ('NSE') and trading will commence on September 27,2017.

BASIS OF ALLOTMENT

PUBLIC OFFER OF 86.247.187 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ('EQUITY SHARES') OF ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED (OUR 'COMPANY') FOR CASH AT A PRICE OF RS 661 PER EQUITY SHARE, THROUGH AN OFFER FOR SALE OF 31.761.478 EQUITY SHARES BY ICICI BANK LIMITED (ICICI BANK OR THE 'PROMOTER SELLING SHAREHOLDER') AND 54,485,709 EQUITY SHARES BY FAL CORPORATION ('FAL OR THE 'INVESTOR SELLING SHAREHOLDER' AND TOGETHER WITH THE PROMOTER SELLING SHAREHOLDER THE 'SELLING SHAREHOLDERS'). AGGREGATING TO RS 57.009.4 MILLION ('OFFER'), INCLUDING A RESERVATION OF UP TO 4.312.359 EQUITY SHARES FOR PURCHASE BY ICICI BANK SHAREHOLDERS (AS DEFINED IN DEFINITIONS AND ABBREVIATIONS') FOR CASH AT A PRICE OF RS 661 PER EQUITY SHARE AGGREGATING TO RS 2,850.5 MILLION ('ICICI BANK SHAREHOLDERS RESERVATION PORTION'). THE OFFER CONSTITUTES 19.00% OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL ANO THE NET OFFER CONSTITUTES 18 05% OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL.
THE ANCHOR INVESTOR OFFER PRICE IS RS 661 PER EQUITY SHARE

Offer Price: Rs 661 per Equity Share of face value of Rs 10 each
Anchor Investor Offer Price: Rs 661 per Equity Share
The Offer Price is 66.1 times the face value

Risks to Investors relating to pricing:

• The 3 GCBRLMs and the 3 BRLMs associated with the Offer have handled 43* public issues in the past three years out of which 11 * issues closed below the issue price on the listing date.

• The Price/Earnings ratio ('P/E Ratio') based on diluted EPS for Fiscal 2017 for the Company at the upper end of the Price Band is as high as 46.39 as compared to the NIFTY 50 price earnings ratio of 23.26 (as of March 31, 2017) as there are no listed non-life insurance companies in India.

• Average cost of acquisition of Equity Shares for the Promoter Selling Shareholder (ICICI Bank) and the Investor Selling Shareholder (FAL Corporation) is Rs 43.62 per Equity Share and Rs 137.97 per Equity Share, respectively. The Offer Price at the upper end of the Price Band is significantly high at Rs 661 per Equity Share.
*As disclosed in the Prospectus.

BID/ OFFER PERIOD: OPENED ON: FRIDAY, SEPTEMBER 15, 2017;
CLOSED ON : TUESDAY, SEPTEMBER 19, 2017
ANCHOR INVESTOR BID/ OFFER PERIOD WAS: THURSDAY, SEPTEMBER 14. 2017

This Offer has been made through the Book Building Process, in terms ol Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ('SCRR'), The Offer has been made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (issue of Capital and Disclosure Requirements) Regulations, 2009 as amended ('SEBI Regulations'), wherein not more than 50% of the Net offer was alocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'), provided that our Company and the Selling Shareholders, in consultation with the GCBRLMs and the BRLMs. allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third was reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at the Anchor Investor Allocation Price, in accordance with the SEBI Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to an QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at the Offer Price. Further, not less than 15% of the Net Offer was available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI Regulations, subject to valid Bids being received at the Offer Price. All potential investors, other than Anchor Investors, were required to mandatorily utilise the Application Supported by Blocked Amount ('ASBA'). process providing details of their respective bank account which were blocked by the SCSBs, to participate in this Offer. For details, see 'Offer Procedure' on page 440 of me Prospectus.
The Offer received 1.054.336 applications for 207.144,316 Equity Shares (prior to technical rejections) resulting in 2.40 times subscnption. The details of the applications received in the Offer from various categones are as under: (Before Technical Rejections)

Final Demand
A summary of the final demand as at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the BSE on September 23. 2017.

A. Allotment to Retail Individual Bidders (after technical rejections) (including ASBA Applications).
The Basis of Allotment to the Retail individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of Rs 661 per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 1.0922 times. The total number of Equity Shares Allotted in Retail Portion is 30,212,461 Equity Shares to 977,024 successful Retail Individual Bidder. The category-wise details of the Basis of Allotment are as under:

B. Allotment to Non-Institutional Bidders (After Technical Rejections):
The Basis of Allotment to the Non-Institutional Bidders, who have bid at the Offer Price of Rs 661 per Equity Share, was finalized in consultation with the BSE. The Non-Institutional Portion has been subscribed to the extern of 0.7492 tunes. The total number of Equity Shares Allotted in this category is 92,90,182 Equity Shares to 992 successful Non- Institutional Bidders. The under subscribed portion of 3,109,314 Equity Shares in the Non-Institutional Bidders has been spilled over to QIBs and Retail Individual Bidders in the ratio of 50: 35. The category wise details of the Basis of Allotment are as under: (Sample as under)

C. Allotment to QIBs (excluding anchor investors) (After Technical Rejections):
Allotment to QIBs. who have Bid at the Offer Price of Rs 661 per Equity Share, has been done on a proportionate basis in consultation with BSE. This category has been subscribed to the extent of 7.1999 times of QIB Portion. As per the SEBI Regulations. Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e. 929,011 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares ie.17.651.198 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 18,580,209 Equity Shares, which were allotted to 125 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

D. Allotment to Anchor Investors (After Technical Rejections):
The Company and the Selling Shareholders, in consultation with the BRLMs, have allocated 24,580,447 Equity Shares to 64 Anchor Investors (through 64 Applications) at the Anchor Investor Offer Price of Rs 661 per Equity Share in accordance with the SEBI Regulations This represents 60% of the QIB Portion.

E. Allotment under ICICI Bank Shareholders Reservation Portion.
The Basis of Allotment to investors under the ICICI Bank Shareholders Reservation Portion, who have bid at the Offer Price of Rs 661 per Equity Share, was finalized in consultation with the BSE The ICICI Bank Shareholders Reservation Portion has been subscribed to the extent of 0.8311 times. The total number of Equity Shares Allotted in this category is 3,583,888 Equity Shares to 44.237 successful Bidders. The under subscribed portion of   728,471 Equity Shares in the ICICI Bank Shareholders Reservation Portion has been spilled over to QIBs. Non-Institutional Bidders and Retail Individual Investors in the ratio of 50:15:35. The category-wise details of the Basis of Allotment are as under (Sample as under)

The IPO Committee of our Company on September 23,2017 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice -cum-lntimations and/ or notices will be dispatched to the addresses of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on September 23, 2017 and payment to non-Syndicate brokers have been issued on Septembor 25,2017 In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on September 25, 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned The Company had filed the listing applications with BSE and NSE on September 25, 2017. The Company has received listing and trading approval from BSE and NSE and the trading will commence on Septembor 27,2017.
All capitalised terms used and not specifically defined herein shall have the same meaning as asenbed to them in the Prospectus.

INVESTORS PLEASE NOTE
The details of the allotment made will be hosted on the website of the Registrar to the Offer, Karvy Computershare Private Limited at www.karisma.karvy.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting ful name of the first/sole Bidder, Bid cum Application Form number, Bidder DP ID. Client ID. PAN. date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder, and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31 -32 Gachibowli. Financial District, Nanakramguda. Hyderabad 500 032
Tel: (91 40)67162222: Fax: (91 40)2343 1551; E-mail.einward.ris@karvy.com;
Investor grievance e-mail: icicilombard.ipo@karvy.com
Website:  www.karisma.karvy.com: Contact person: Mr M. Murali Krishna
SEBI registration number: INR000000221