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Indian reinsurer GIC Re's $1.75 bln IPO fully subscribed
October 13, 2017 / 8:08 AM / 4 days ago

Indian reinsurer GIC Re's $1.75 bln IPO fully subscribed

MUMBAI, Oct 13 (Reuters) - The initial public offering of General Insurance Corp of India (GIC Re), the nation’s top reinsurer, was fully subscribed on the last day of the offer, exchange data showed on Friday.

The Indian government, which currently fully owns the reinsurer, was selling 107.5 million shares in the GIC Re IPO, while the company was selling 17.2 million new shares. The total offer of 124.7 million shares constitutes 14.2 percent of the post-offer paid-up share capital.

Citi, Axis Capital, Deutsche Bank, HSBC and Kotak were the banks managing the GIC Re IPO, which was the biggest since Coal India’s 2010 share sale that raised 155 billion rupees.

The stock is due to start trading around Oct.25. ($1 = 65.0500 Indian rupees)

Reporting by Devidutta Tripathy and Swati Bhat; Additional reporting by Gaurav Dogra in Bengaluru; Editing by Rafael Nam

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