Mumbai: ICICI Lombard General Insurance Co. Ltd has set a price band of Rs651-661 per share for its initial public offering (IPO), according to a filing with the stock exchanges on Thursday.

The ICICI Lombard IPO will launch on 15 September and close on 19 September, the insurance firm said earlier on Thursday.

Founded in 2001, ICICI Lombard is the first non-life insurance company to file for an IPO. The initial share sale, a pure offer for sale, will see stakeholders ICICI Bank Ltd and Fairfax Financial Holdings Ltd sell 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 fetch 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.

The insurance firm has appointed Bank of America Merrill Lynch, ICICI Securities Ltd, IIFL Holdings Ltd, CLSA India Pvt. Ltd, Edelweiss Financial Services and JM Financial Institutional Securities Ltd to manage the share sale.

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.

Several insurance companies, including state-owned ones, are queuing up to launch IPOs.

Insurance companies that have filed their draft IPO prospectus with markets regulator Securities and Exchange Board of India (Sebi) include SBI Life Insurance Co. Ltd, HDFC Standard Life Insurance Co. Ltd, General Insurance Corp. of India and New India Assurance Co. Ltd.