ICICI Lombard General Insurance Company today set Rs 651-661 as the price band for its initial public offering (IPO), which will make it a Rs 5,700-crore issue.

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"The price band has been set at Rs 651-661. At the upper end of the band, it will raise Rs 5,700 crore," a source said late in the evening.

The issue, the first by any general insurance company, hits the market on September 15. The roadshows are kicking off tomorrow in the financial capital.

Sources said the company promoters will dilute their holding by 19 per cent as part of the issue.

At present, its shareholders include largest private sector lender ICICI Bank and the Canadian Fairfax Financial Holdings.

Over 8.6 crore equity shares will be sold as part of the IPO, which will include ICICI Bank selling over 3 crore shares and the rest from Fairfax.

This is the second insurance arm from the ICICI Bank group to list, after the Rs 6,000-crore listing of its life arm earlier.

Bank of America Merrill Lynch, along with ICICI Securities and IIFL are the bankers to the issue, which will be open till September 19.

Earlier this week, ICICI Lombard General Insurance Company got capital market regulator Sebi's go-ahead for the IPO, which would be the first by a general insurer in the country.

Two state-run general insurers General Insurance Corp of India and New India Assurance Company as also two life insurance firms (SBI Life and HDFC Standard Life) have also lined up IPO plans and are awaiting Sebi's approval.

ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd. The IPO involves dilution of up to 86,247,187 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance.