ICICI Lombard General Insurance Company's Rs 5,700-crore initial public offering has been oversubscribed 2.98 times on Tuesday (the final day), as per data available on exchanges.

The IPO received bids for over 18.35 crore equity shares against issue size of 6.16 crore shares (excluding anchor investors' portion).

The reserved portion of qualified institutional investors has oversubscribed 8.17 times while the retail category showed a subscription of 1.22 times and non-institutional investors 0.82 times.

The insurer is looking to raise Rs 5,700 crore through its offer for sale, at higher end of the price band of Rs 651-661 per share. The company on Thursday already raised Rs 1,625 crore from anchor investors.

The IPO comprises of offer for sale of up to 8.62 crore equity shares (representing a 19 percent post paid-up equity) by its two main shareholders - ICICI Bank and Canada's Fairfax Financial Holdings.

Post-issue, the shareholding of Fairfax will reduce to 9.91 percent from 21.91 percent and ICICI Bank's stake will come down to 55.92 percent, from 62.92 percent.

ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.

It would be the first non-life insurer to list on exchanges.

This is the second public offer from the ICICI Bank group. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO in September 2016.

CLSA India, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers to the issue.