GIC Re names five banks for IPOMay 9 2017 by InsuranceAsia News Staff
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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The Hong Kong-listed insurer co-led the funding round in a Tencent-backed Chinese online healthcare solutions platform.
- May 2
True North and its global sponsors have made a rumoured US$400m bid for a 40% stake.
- April 30
The Swiss insurer may opt to comply with 30% local ownership rule through an initial public offering.
- April 20
The rumoured sale is estimated by some analysts to be worth at least US$1 billion but remains unconfirmed.