General Insurance IPO subscribed 90% on Day 2

General Insurance IPO subscribed 90% on Day 2

The 11,370-crore initial public offer (IPO) of General Insurance Corporation of India ( GIC Re) got subscribed 88 per cent on the second day of the bidding process on Thursday. By 2 pm the issue of GIC RE was subscribed 0.72 times with institutional investor's portion getting fully subscribed at 1.41 times. The offer by General Insurance Company is India's second-largest public offer since Coal India's Rs 15,200 crore share sale and replaces Reliance Power's Rs 10,123.2 crore IPO to grab the second spot.

Till yesterday, the IPO was subscribed 80 percent. The price band of the IPO has been fixed at Rs 855 to Rs 912 per share. The IPO that opened today closes on Friday, October 13, 2017. The offer, which will raise nearly Rs. 12,000 crore, will close for subscription on Friday. The offer for sale comprises 10.75 crore shares by the Union government. "The retail receives the shares at a discount of Rs 45 per share compared to institutional bidders", says Rahul Shah, Vice President-Equity Advisory Group, Motilal Oswal Securities.

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The net proceeds from the fresh issue will be used to augmenting the capital base to support the future growth of business and to maintain the current solvency levels. There is also clear contrast seen in the bid orders between Bombay Stock Exchange and National Stock Exchange as the subscription on NSE stood at 78% while it was just 11% on BSE.

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