GIC Re IPO subscribed by 91 per cent on Day 3

On the final day of the bidding process on Friday, the initial public offering of General Insurance Corporation of India (GIC Re) recorded a subscription of 91.16 per cent. The issue worth Rs 11,370-crore received bids for 11,40,13,312 shares as against the offer of 12,47,00,000 shares. 
 
The quota for qualified institutional buyers was subscribed by 1.67 times, retail investors by 41 per cent and non-institutional investors by only 2 per cent at the time of writing this report.
 
The  initial public offering of GIC Re which marks the third biggest IPO after Coal India’s IPO worth Rs 15,200 crore issues and Reliance Power’s worth Rs 11,700 crore issues recorded a subscription of 79 per cent on the first day of subscription on October 11. On the second day of subscription the IPO was subscribed by 89 per cent. The GIC Re IPO has an issue size of Rs 11,372 crore and has a price band of Rs 855-Rs 912.      
 
GIC is the sole national reinsurer in India. It has a strong  presence in the domestic as well as international market. The company has its operations spread in over 160 countries around the world and has been deemed as the 12th largest reinsurance firm in the world in terms of the total premium written.