- Overall: 1.37 times
- Retail investors: 0.60 times
- Non-institutional investors: 0.22 times
- Qualified institutional buyers: 2.25 times
- Employees: 1.01 times
India's largest reinsurer, General Insurance Corporation of India Ltd.’s Rs 11,370 crore initial public offering was subscribed 1.37 times on the final day of bidding on Friday.
The portion reserved for qualified institutional buyers was subscribed 2.25 times the number of shares on offer while the retail investor portion was subscribed 0.60 times as of 7 pm, according to data provided by Axis Capital. Shares reserved for non-institutional investors saw muted demand.
Citi, Axis Capital, Deutsche Bank, HSBC and Kotak Investment Banking are managing the issue.
The state-owned insurance firm is offloading close to 12.47 crore shares through a fresh issue while the rest will be an offer for sale by the government. The price band for the IPO has been fixed at Rs 855-912 apiece, valuing the company at Rs 80,000 crore at the upper end. The company will use the proceeds from issuing new stock to augment its capital base and general corporate purposes, according to its red herring prospectus.
GIC Re is the largest reinsurance company in India in terms of gross premiums received in fiscal year 2017 and accounted for around 60 percent of the premiums ceded by Indian insurers to reinsurers during the fiscal year.
. Read more on IPOs by BloombergQuint.