The Rs 11,370 crore mega initial
public offer of General Insurance Corpn of India (GIC Re) got fully subscribed
on Day third day of the bidding process on Friday under strong demand from qualified
institutional buyers (QIB).
The issue received bids for
12,61,97,408 shares, which were 1.01 times the issue size of 12,47,00,000
shares on offer after lunch hours. The quota for QIB was subscribed 1.79 times,
retail 32%, while non-institutional investor witnessed 5% subscription.
The company’s gross premium has grown
at CAGR of 24.84% in FY15-17. On consolidated basis, the company’s gross premium
has grown at a CAGR of 48.65% FY1517.
General Insurance Corpn of India’s
IPO is India’s third biggest after Coal India Ltd’s Rs 15,200 crore and
Reliance Power Ltd’s Rs 11,700 crore issues in 2008.
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