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GIC Re’s Record Rs. 11,000 Crore IPO Opens Tomorrow

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GIC Re's Record Rs. 11,000 Crore IPO Opens Tomorrow

Mumbai: General Insurance Corporation of India (GIC Re), India's largest reinsurer, will launch an initial public offer (IPO) of its shares on Wednesday (October 11). The Rs. 11,372 crore IPO of General Insurance Corporation, the biggest IPO in last seven years after Coal India IPO, is a mix of fresh issue and an offer for sale by Government of India and the corporation itself. Priced in a band of Rs. 855-Rs. 912, the IPO will give a valuation of Rs. 80,000 crore to GIC Re. Investors can apply for the IPO in lot sizes of 16 shares. Last date to apply the issue is October 13. Retail investors and employees will get a discount of Rs. 45 on the issue price.

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