Friday, November 17, 2017

Two state-owned insurers set to apply for IPO in India

State-operated Indian insurers General Insurance Corp of India (GIC) and New India Assurance are expected to tender their applications for initial public offerings within three weeks, according to local press reports.

Both companies are reportedly winding up their respective draft prospectuses. It is expected that the government will seek to divest at least a 10% stake in each of the insurers.

Back in April, the two state-owned firms were reported to have appointed investment banks to manage their IPO applications.

If the listing goes through, it would be the biggest public sector offering.

 

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