Issue Subscribed 65% So Far On Day 3

India’s second-largest IPO closes on 13 October

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. Qualified Institutional buyers quota was subscribed 1.67 times, retail portion saw subscription for a little more than 15 per cent.

GIC Re Rs 11, 370 crore IPO was subscribed by 90% as at the end of Day 2. It has fixed the price band of Rs 1,645- 1,650 per share for the issue. The offer by General Insurance Company is India's second-largest public offer since Coal India's Rs 15,200 crore share sale and replaces Reliance Power's Rs 10,123.2 crore IPO to grab the second spot.

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The GIC Re IPO, which aims to raise Rs11,370 crore, closes on 13 October.

The issue comprises a 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 retail receives the shares at a discount of Rs 45 per share compared to institutional bidders", says Rahul Shah, Vice President-Equity Advisory Group, Motilal Oswal Securities. The company proposes to utilise the proceeds towards augmenting the capital base to support the growth of business and maintain current solvency levels as also general corporate purposes.

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General Insurance Corporation (GIC) is the largest reinsurer in India by gross premiums accepted in the fiscal ended March 2017 (FY2017), accounting for almost 60% of the premiums ceded by Indian insurers to reinsurers in the fiscal year.

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