After opening the day in the red, Indian share markets have continued to trade on a negative note. Sectoral indices are trading on a mixed note with stocks from the realty sector and the FMCG sector witnessing maximum selling pressure. Metal sector is witnessing buying interest.

The BSE Sensex is trading down 171 points (down 0.5%) and the NSE Nifty is trading down 43 points (down 0.4%). Meanwhile, the BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading up by 0.2%. The rupee is trading at 64.21 to the US$.

In the news from IPO space, ICICI Lombard General Insurance Company has got Indian market regulator’s nod for its Rs 60 billion IPO.

The company is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings. It had filed its draft prospectus in July for the public issue comprising Offer for Sale (OFS) of shares by existing shareholders, accounting for 19% stake.

The IPO would be the first by a general insurer in India.

One shall note that five insurance company offerings are expected to raise a whopping Rs 400 billion collectively by the end of the year. State-owned General Insurance Co of India and New India Assurance Ltd, which have both filed their draft red herring prospectus (DHRP) with the regulators, are expected to raise a mammoth Rs 100 billion each. Similar offerings from SBI Life Insurance, ICICI Lombard General Insurance, and HDFC Standard Life Insurance are set to raise around Rs 70 billion, Rs 50 billion, and Rs 75 billion, respectively.

These five offerings themselves are set to make 2017 the biggest IPO year ever – even bigger than 2010, when 64 companies raised a collective Rs 375 billion through their IPOs.

2017 Set to be Record Year for IPOs

Speaking of IPOs, two companies viz. Bharat Road Network and Dixon Technologies (India) Ltd are bringing their IPOs to the financial market today. The initial public offerings of both these companies will be open for subscription from 6th-8th September.