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Indian state-run GIC Re's $1.75 bln IPO subscribed 90 pct by second day
October 12, 2017 / 11:59 AM / a month ago

Indian state-run GIC Re's $1.75 bln IPO subscribed 90 pct by second day

MUMBAI, Oct 12 (Reuters) - State-run reinsurer General Insurance Corp of India’s initial public offering of shares to raise 113.73 billion rupees ($1.75 billion) was subscribed 90 percent by the second day of the sale on Thursday, stock exchange data showed.

The institutional portion of the sale has been subscribed nearly 1.7 times, according to the data. Retail investors have bid for 16 percent of the shares reserved for them, while the non-institutional bidders portion has been subscribed 2 percent.

The IPO, India’s biggest in seven years, closes for subscription on Friday. ($1 = 65.0550 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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