The USD 1.7 billion initial public offering of state-owned General Insurance Corporation of India has opened for subscription on Wednesday, with a price band of Rs 855-912 per share.
The largest ever public issue by an insurance company will close on October 13, 2017.
Equity shares are proposed to be listed on the National Stock Exchange of India and BSE.
The public offer will remain open for three days starting today to Friday (October 13). At the upper end of the price range, the company is expected to raise Rs 11,372.64 crore. General Insurance Corporation is first of the five state-run non-life insurance firms to initiate a stake sale and listing process.
General Insurance Corporation is offering a total of 12.47 crore equity shares of face value Rs 5. It includes a fresh issue of 1.72 crore shares and an offer for sale of 10.75 crore shares. About 5.92 crore shares were set aside for the qualified institutional buyers (QIB) category, 31.17 lakh shares have been reserved for mutual funds; 1.87 crore shares for non-institutional investors and 4.36 crore shares for retail buyers. Citigroup Global Markets India Private Limited, Axis Capital Limited, Deutsche Equities India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, Kotak Mahindra Capital Company Limited are the book running lead managers of the issue while the registrar to the offer is Karvy Computershare.
The General Insurance Corporation of India has a fully owned subsidiary in South Africa, GIC Re South Africa Ltd. The Saxum Reinsurance Ltd was acquired by General Insurance Corporation of India and renamed as GIC Re South Africa Ltd on the 11th of August 2014.