India’s second-largest IPO closes on 13 October. Photo: BloombergNew Delhi: General Insurance Corp. of India Ltd’s (GIC Re) Rs11,372 crore initial public offer (IPO) was subscribed 79% on the first day of shares sale on Wednesday. As of 5pm, the IPO received bids for 99,036,112 shares against the total issue size of 124,700,000 shares, according to data available with NSE. Analysts are upbeat about India’s second-largest IPO. The GIC Re IPO will see the state-owned insurance firm issue shares in a price band of Rs855-912 apiece, valuing it at Rs75,000-80,000 crore.

Source: Mint October 11, 2017 06:56 UTC