Thursday, February 22, 2018

India’s GIC sets IPO for 11 October

The initial public offering of state-owned General Insurance Corp of India has been slated for 11 October.

It will be the biggest listing in India in seven years, with the company eyeing to net Rs113.72 billion ($1.7 billion) in fresh funds.

The insurance company has set a price band of Rs855-912 per share for the IPO, meaning that the company’s value is at Rs750 billion – Rs800 billion.

The offer will close on 13 October. In 2010, state-owned Coal India also launched an IPO for an initial Rs152 billion.

To date, it remains the largest public offering by an Indian entity.

GIC Re is the largest reinsurance company in India.

This fiscal 2017, the insurer accounts for about 60% of the premiums written by all Indian insurers to reinsurers, data from CRISIL Research showed.

GIC Re also intends to buy a reinsurance firm that is a member of Lloyd’s.



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