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Day 1: GIC subscribed 0.75 times

13 Octobre 2017

General Insurance Corporation of India's Rs 11,370 core Initial Public Offering (IPO) will open for subscription today in the price range of Rs 855 to Rs 912 apiece.

The IPO received bids for almost 111.67 million shares for the 124.7 million shares on offer, stock-exchange data showed.

Retail investors, whose bid value can not exceed Rs 2 lakh per application, bid for 16% of the shares reserved for them.

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. The state-run reinsurer is seeking to raise as much Rs 11,372 crore ($1.7 billion), at a market valuation of Rs 79,976.37 crore (12.3 billion).

The issue comprises fresh issue of 1,72,00,000 shares by the corporation and an offer for sale of 10,75,00,000 shares by the promoter. The government will get three years from the listing date to meet the minimum public shareholding norms of 25%.

La meilleure eau potable serait à Sherbrooke
Le jury, composé de différents experts dans le domaine de l'eau potable, s'est basé sur le goût, la clarté et l'odeur. En effet, elle a remporté cette reconnaissance devant 14 villes et municipalités.

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). Last month, two insurance companies, SBI Life and ICICI Lombard, had raised '8,400 crore and '5,700 crore respectively through their IPOs.

ICICI Prudential Life Insurance had become the first life insurer in India to go public previous year.

LIC Chairman VK Sharma reportedly confirmed that LIC has bid for shares in the GIC Re IPO but declined to comment on the amount bid for.

Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital are the book running lead managers to the offer.

Day 1: GIC subscribed 0.75 times