GIC’s proposed IPO may raise over USD 1 billion
DSIJ Intelligence / 08 Aug 2017
General Insurance Corporation of India (GIC) on Monday filed a draft red herring prospectus (DRHP) for its initial public offering (IPO)– which bankers have said could raise more than USD 1 billion—as part of the government’s plans to list five non-life insurers in which it holds stakes.
General Insurance Corporation of India (GIC) on Monday filed a draft red herring prospectus (DRHP) for its initial public offering (IPO)– which bankers have said could raise more than USD 1 billion—as part of the government’s plans to list five non-life insurers in which it holds stakes.
The government has plans to sell about 107.5 million shares in GIC’s IPO, while the insurer will sell 17.2 million new shares, comprising a total 124.7 million, or 14.22% of the company’s post-issue share capital.
The net amount will help the government to meet its fiscal deficit target of 3.2% of the gross domestic product for the year ending in March, which includes selling of stakes in companies.
GIC has appointed investment banks Citigroup, Axis Capital, Deutsche Bank, HSBC and Kotak Mahindra Capital Co. Ltd. to manage the public offering.
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