The GIC Re IPO, which aims to raise Rs11,370 crore by issuing shares in a price band of Rs855-912, closes on 13 October. Mumbai: The initial public offering of state-owned General Insurance Corp. of India Ltd (GIC Re) was subscribed 90% on Thursday, the second day of the IPO. As of 5pm, the portion of shares reserved for institutional investors in the GIC Re IPO saw a subscription of 1.67 times. GIC Re’s Rs11,372 crore IPO is the largest in India in seven years. The reinsurer has set a price band of Rs855-912 per share for the IPO, which values it at Rs75,000-80,000 crore.
Source: Mint October 12, 2017 06:56 UTC