The initial public offering (IPO) of general insurance firm ICICI Lombard General Insurance Co. Ltd, was subscribed 98% on Monday, the second day of the share sale, data from stock exchanges showed. ICICI Lombard is a joint venture between ICICI Bank and Canada’s Fairfax.

As of 5pm, the portion of ICICI Lombard shares reserved for institutional investors was subscribed 2.37 times, while those of non-institutional and retail investors saw 10% and 62% subscriptions respectively.

ICICI Lombard has priced its shares in a band of Rs651-661 per share. The IPO will close on Tuesday. The IPO is a pure offer for sale, with ICICI Bank and Fairfax collectively selling around 86.24 million shares.

At the upper end of the price band, the share sale will fetch the two institutions a total of Rs5,700 crore. ICICI Bank will get Rs2,099.40 crore selling 31.76 million shares, while Fairfax will get Rs3,601.50 crore for its 54.48 million shares. The ICICI Lombard IPO will see a dilution of over 19% stake—7.15% of ICICI Bank and 12.27% of Fairfax.

Founded in 2001, ICICI Lombard is the first non-life insurance company to file for an IPO. ICICI Lombard offers a range of insurance products such as motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

ICICI Lombard General Insurance is the second insurance company from the ICICI group to go public. Last year, ICICI Prudential Life Insurance Co. Ltd raised Rs6,000 crore in an initial share sale, the first public offering by an Indian life insurance company. ICICI Bank sold a 12.63% stake through that IPO, which valued the life insurer at around Rs48,000 crore.

Last week, SBI Life Insurance Co. Ltd, a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif said it would launch its Rs8,400 crore IPO on 20 September. SBI Life Insurance will be the second life insurer to go public.