Tuesday, September 26, 2017

GIC Re names five banks for IPO

India’s state-owned reinsurer GIC Re has selected five banks — HSBC, Citi, Deutsche Bank, Kotak and Axis — for its initial public offering.

Alice Vaidyan, chairman and managing director of GIC Re, said Citi will be the lead manager for the listing and that the process should complete in six to eight months.

The insurer is currently awaiting word from the government on how much stake to offer through the IPO.

The government currently owns 100% of GIC Re, which has an estimated value of Rs450 billion (US$7 billion), and has said that it will sell down its stake to 75% over three years.

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