General Insurance Corp of India (GIC Re) is coming with an Initial public offer to the markets next week. The IPO of GIC is going to hit the markets in the second week of October 2017. The IPO will open on 11 October 2017. GIC IPO Size: The GIC IPO is going to be the second biggest IPO after the Coal India IPO in October 2008. The size of General Insurance Corporation of India IPO is Rs. 11,370 crore while Coal India’s IPO size was Rs. 15,200 crore. This is the fourth IPO announced for this month. Currently, The IPO of Indian Energy Exchange, MAS Financial Services and Godrej Agrovet is already announced.
Investors should wisely choose these IPOs to make money. They must read the fundamentals of the company before applying. We advise investors to look at all factors before making their decision. Investors should closely watch the conditions of the primary markets along with the secondary markets. This will give them a proper idea about the IPO.
GIC Re IPO is a mega IPO, you can say by looking at the size of the IPO. The subscription offer will conclude on 13 October 2017. The company is going to sell 12,47,00,000 shares to the investors. The price band is also fixed for this IPO and the state-run reinsurer has decided to sell its share in the range of Rs. 855 – Rs. 912 apiece. There is one good news for the retail investors that they are going to get a discount. The company has decided to give a discount of Rs. 45 per share.
- 1 GIC Re IPO
- 2 General Insurance Corp of India (GIC Re) IPO, Price, Date, GMP, Grey Market, Subscription, Allotment, Listing Date
- 2.1 GIC IPO Price Band
- 2.2 General Insurance Corp of India IPO Date
- 2.3 General Insurance Corp of India (GIC) IPO Allotment Status
- 2.4 General Insurance Corporation Listing Date
GIC Re IPO
About the company: General Insurance Corp of India (GIC Re) is the largest reinsurance company owned by Government of India. It was incorporated on 22 November 1972. The company is based in Mumbai. The company was ranked as the 12th largest global reinsurer in 2016 and the 3rd largest Asian reinsurer in 2015. The company provides reinsurance in various areas such as fire (property), agriculture, aviation/space, marine, motor, engineering, health, liability, credit and financial and life insurance.
It has four fully owned subsidiary companies:
- National Insurance Company Limited
- The New India Assurance Company Limited
- The Oriental Insurance Company Limited
- United India Insurance Company Limited
Its home office is in Mumbai, while it has various global branch offices in London, Dubai, Moscow, South Africa, and Kuala Lumpur.
Company Promotors: The President Of India, Acting Through The Ministry Of Finance
Objects of the Issue
Grey Market Price, Rates, GMP Premium
|24 October 2017||—-||Rs. -25 (Discount)||—-|
General Insurance Corp of India (GIC Re) IPO, Price, Date, GMP, Grey Market, Subscription, Allotment, Listing Date
|Name||General Insurance Corp of India (GIC Re)|
|Open Date||11 October 2017|
|Close Date||13 October 2017|
|Allotment Date||21 October 2017|
|Refund Date||21 October 2017|
|Listing Date||25 October 2017|
|Issue Price||Rs. 855 – Rs. 912 Per Equity Share|
|Discount||Rs. 45 to the retail investors.|
|Lot Size||16 Shares|
|Minimum Order Quantity||16 Shares|
|Issue Type||Book Built Issue IPO|
|Issue Size||124,700,000 Equity Shares of Rs 5 aggregating up to Rs. Crores |
››› Fresh Issue of 17,200,000 Equity Shares of Rs 5 aggregating up to Rs. Crores
››› Offer for Sale of 107,500,000 Equity Shares of Rs. 5 aggregating up to Rs. Crores
|Lead Manager||Axis Capital Limited, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, HSBC Securities & Capital Markets Pvt Ltd, Kotak Mahindra Capital Company Limited|
|Registrar||Karvy Computershare Private Limited|
|Registrar Email||[email protected]|
|Registrar Phone||+91 40 6716 2222|
|Listing at||NSE / BSE|
GIC IPO Price Band
GIC has set a price range of Rs. 855- Rs. 912 per equity share. At the upper end of the price range, the GIC IPO would collect Rs. 11,370 crore. The government’s stake sale would be worth Rs. 9,920 crore, while the fresh issuance would be worth Rs 1,580 crore. The government will dilute around 14.2% stake.
General Insurance Corp of India IPO Date
The Initial public offer of National reinsurer GIC Re will open from 11 October 2017 and the subscription will end on 13 October 2017. GIC Re HAD filed draft red herring prospectus (DRHP) for public listing with the capital markets regulator SEBI on August 07, 2017.
The net profit of the company was at Rs. 3,140.6 crores in FY17, up 11.2% over FY16. The company has earned a gross premium of Rs. 33,740.8 crore in FY17, up 82% over FY16. The amount of gross premium was Rs. 18,534 crore in FY16. The current net worth of the company is Rs. 49,550.8 crore as of March 2017 from Rs. 40,870.3 crore in the year-ago period.
Daily Subscription Figures
|DATE||SHARES OFFERED||11 October 2017||12 October 2017||13 October 2017|
Axis Capital Limited, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, HSBC Securities & Capital Markets Pvt Ltd and Kotak Mahindra Capital Company Limited will manage the company’s public issue.
The company has not yet decided the registrar to the issue. We will update this segment as soon as we get information from GIC.
General Insurance Corp of India (GIC) IPO Allotment Status
As per the expectation, the GIC IPO Allotment will be completed on 18 October 2017. Investors need to check the registrar’s website for the allotment status. The GIC Re allotment status link will also be updated here for the readers.
General Insurance Corporation Listing Date
Update: GIC Re will be listed on the National Stock Exchange (NSE) on 25 October 2017.
The listing date of GIC IPO will be 20 October 2017 to 23 October 2017. Check this website for the GIC listing date. Check IPO Calander of this website regularly.
Listing Day Figures (25th October 2017)
|NSE (GICRE)||BSE (540755)|
|IPO Price||Rs. 912||Rs. 912|
|Open||Rs. 850||Rs. 850|
|High||Rs. 899||Rs. 895|
|Low||Rs. 780||Rs. 780.25|
|Close||Rs. 874.30||Rs. 870.40|
|Difference||Down Rs. -37.70 (-4.13%)||Down Rs. -41.60 (-4.56%)|