GIC Re’s filing comes amid a surge in IPOs in Asia’s third-largest economy, which has spurred a slew of insurers to pursue listings, including SBI Life Insurance. Photo: iStockphotoBengaluru/Mumbai: State-owned reinsurer General Insurance Corp. of India on Monday filed for an initial public offering (IPO) which bankers have said could raise more than $1 billion, as part of the government’s plans to list five non-life insurers in which it holds stakes. GIC Re’s filing comes amid a surge in IPOs in Asia’s third-largest economy, which has spurred a slew of insurers to pursue listings, including SBI Life Insurance Co. Ltd, a unit of State Bank of India (SBI). The government will be selling about 107.5 million shares in GIC Re’s IPO, while the insurer will sell 17.2 million new shares, comprising a total 124.7 million, or 14.22% of the company’s post-issue share capital, according to the filing. Axis Capital, Citi, Deutsche Bank, HSBC and Kotak Investment Banking are managing GIC Re’s IPO.

Source: Mint August 07, 2017 13:30 UTC