1,370-crore initial public offer (IPO) of General Insurance Corporation of India (GIC Re) got subscribed 89.06 per cent on the second day of the bidding process on Thursday.
GIC will sell shares at Rs 855-912 apiece to raise Rs 11,370 crore in the three-day offer, valuing the company at Rs 80,000 crore at the upper end. It will offload close to 12.47 crore shares through a fresh issue and an offer for sale by the government. Retail investors and employees will get a Rs 45 discount per share.
Citi, Axis Capital, Deutsche Bank, HSBC and Kotak Investment Banking are the book-runners for the offer.
India’s third biggest IPO after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues, was subscribed 79 per cent on the first day of the bidding process on Wednesday.
The issue received bids for 11,16,79,024 shares as against 12,47,00,000 shares on offer till 7.30 pm on Thursday. ..
The Promoter of the company is President of India, acting through the Ministry of Finance.
GIC Re IPO details:
IPO Opens on: Oct 11, 2017
IPO Closes on: Oct 13, 2017
Price Band: Rs 855 – Rs 912 Per Equity Share
Face Value: Rs 5
Issue Size: 124,700,000 Equity Shares of Rs 5 aggregating up to Rs 11,372.64 Cr
Bid Lot: 16 Equity Shares and in multiples thereof
Minimum Order Quantity: 16 Equity Shares
Maximum Subscription Amount for Retail Investor: Rs. 2,00,000
Listing On: BSE, NSE
General Insurance Corporation IPO Registrar
Karvy Computershare Private Limited
Karvy House, 46, Avenue 4, Street No. 1, Banjara Hills, Hyderabad – 500 034
Company Contact Information
General Insurance Corporation of India
‘Suraksha’ 170, J Tata Road,
Mumbai 400 020
Phone: + (91 22) 2286 7000
Fax: + (91 22) 2288 4010