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GIC Re’s Rs. ₹11,370-cr IPO subscribed 72% till 1pm on Day 1


CHENNAI:  The initial public offer (IPO) of General Insurance Corporation of India (GIC Re) witnessed a strong response as the issue got subscribed 72 per cent within the first few hours of the bidding process on Day 1 on Wednesday.

The issue received bids for 8,88,39,152 shares as against 12,47,00,000 shares on offer. Qualified Institutional buyers quota was subscribed 1.41 times, retail was subscribed 2 per cent, while other segments saw negligible subscription till 1 pm.

GIC Re's issue is a mega ₹11,370-crore IPO — the third largest after Coal India (₹15,200 crore in 2010) and Reliance Power (₹11,600 crore in 2008). The PSU re-insurer will sell 12.47 crore shares in the IPO at a price band of ₹855-912. The IPO will close on October 13.

General Insurance Corporation of India is the latest to join the IPO bandwagon. GIC is the largest reinsurance company in India in terms of gross premiums in FY-17, accounting for about 60 per cent of the premiums ceded by Indian insurers to reinsurers during the year.

GIC provides reinsurance across segments such as fire (property), marine, motor, agriculture, aviation, and health, among others.

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