GIC Re IPO subscribed 81% so far on second day

13 October, 2017, 11:35 | Author: Regina Silva
  • The price band of the GIC Re IPO has been set at Rs855-912 per share valuing General Insurance Corp. of India at Rs75,000-80,000 crore

The offer, which will raise nearly Rs. 12,000 crore, will close for subscription on Friday.

India's largest general insurance and reinsurance company GIC RE today hit the market with an issue size of between Rs 10,661 crore to Rs 11,372 crore that has a mix of fresh issuance of 1.72 crore shares and offer for sale of 10.75 crore shares which would dilute government's share in the company close to 15 per cent.

GIC's IPO is a part of the Union government's disinvestment plan, under which the Department of Investment and Public Asset Management (DIPAM) plans to sell government's stakes in several central public sector enterprises through various routes such as IPOs and offers for sale. Retail investors will get a discount of Rs 45 per share. GIC Re's IPO could fetch about '9,804 to the government and remaining Rs 1,568.64 crore to GIC Re. The company has set a price band of Rs 855- 912 per share for its IPO and when calculated at the upper band of the issue price the company will be valued at around Rs 80,000 crore. GIC also underwrote business from 161 countries end June 2017 and was ranked 12th largest global reinsurer in the calendar year (CY) 2016 and the third largest Asian reinsurer in CY 2015 by gross premiums accepted. These include SBI Life Insurance Co, ICICI Lombard General Insurance, New India Assurance, HDFC Standard Life Insurance Co, and Reliance General Insurance Co.

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Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital are the book running lead managers to the offer.The shares of General Insurance Corporation of India are proposed to be listed on the National Stock Exchange of India and the BSE.

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