General Insurance Corporation of India IPO, General Insurance Corporation GIC Re IPO Detail

By | October 23, 2017
General Insurance Corporation of India IPO, General Insurance Corporation IPO Detail, GIC IPO, General Insurance Corporation of India Allotment Status, Subscription Info, General Insurance Corporation of India Grey Market Rates, General Insurance Corporation of India GMP, GIC IPO Listing Date, Review, Ratings, Poll and all other details.
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General Insurance Corporation of India IPO, General Insurance Corporation GIC Re IPO Detail

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.

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:

  1. National Insurance Company Limited
  2. The New India Assurance Company Limited
  3. The Oriental Insurance Company Limited
  4. 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

The Offer comprises of the Fresh Issue and the Offer for Sale.

Offer for Sale

  • General Insurance Corp of India will not receive any proceeds from the Offer for Sale.

Fresh Issue

  • Augmenting the capital base of the company to assist the growth of the business and to sustain present solvency levels.
  • General corporate purposes, as per the law.

Grey Market Price, Rates, GMP Premium

DateGMPKostak RateSauda
24 October 2017—-Rs. -25 (Discount)—-

General Insurance Corp of India (GIC Re) IPO, Price, Date, GMP, Grey Market, Subscription, Allotment, Listing Date

NameGeneral Insurance Corp of India (GIC Re)
Open Date11 October 2017
Close Date13 October 2017
Allotment Date21 October 2017
Refund Date21 October 2017
Listing Date25 October 2017
Issue PriceRs. 855 – Rs. 912 Per Equity Share
DiscountRs. 45 to the retail investors.
Lot Size16 Shares
Minimum Order Quantity16 Shares
Issue TypeBook Built Issue IPO
Issue Size124,700,000 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 ManagerAxis Capital Limited, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, HSBC Securities & Capital Markets Pvt Ltd, Kotak Mahindra Capital Company Limited
RegistrarKarvy Computershare Private Limited
Registrar Email[email protected]
Registrar Websitehttp://www.karvycomputershare.com/
Registrar Phone+91 40 6716 2222
Listing atNSE / BSE
IPO Poll

Would you apply to the GIC IPO?

  • Yes (60%, 575 Votes)
  • No (40%, 379 Votes)

Total Voters: 954

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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.

Retail Investor Discount
As per the notification provided by the company, The investors belongs to the retail category will get Rs. 45 discount. The issue price for the retail investors will be Rs. 810 – Rs. 867.

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.

Financials

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

DATESHARES OFFERED11 October 201712 October 201713 October 2017
RII435945320.060.160.63
NII186833710.010.020.22
QIB622779001.551.682.25
Employees1441970.130.420.94
Total1247000000.800.901.38

Lead Managers

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.

Registrar

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.

GIC IPO Allotment Status

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 PriceRs. 912Rs. 912
OpenRs. 850Rs. 850
HighRs. 899Rs. 895
LowRs. 780Rs. 780.25
CloseRs. 874.30Rs. 870.40
DifferenceDown Rs. -37.70 (-4.13%)Down Rs. -41.60 (-4.56%)

General Insurance Corpoeation of India (GIC Re) Address

Adress
Registered Office and Corporate Office: ‘Suraksha’ 170, J Tata Road,
Churchgate, Mumbai 400 020

Telephone: (91 22) 2286 7000
Fax: (91 22) 2288 4010
E-mail: [email protected]
Website: www.gicofindia.com

IPO Prospectus

Download DRHP with SEBI.

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4 thoughts on “General Insurance Corporation of India IPO, General Insurance Corporation GIC Re IPO Detail

  1. Nisarg

    GIC IPO will not be listed at discount. Govt. of India wishes to further it’s disinvestment process. GIC is a GOI disinvestment, if the retail investors suffer any loss in this IPO on the day of listing, the retail investors will be demotivated to subscribe to any other IPO by any PSU in a short future period. This will hamper the disinvestment target of the GOI. To avoid any such demotivation and thereby reluctance of the retail investors in the future, the GOI will ensure that the retail investors don’t suffer in any manner for atleast a short forseable period. Thus GOI will put its financial institutions on standby and order them to buy at amounts that don’t hurt the retail investors. The GOI can also gift the retail investors in DIWALI by giving away profits by raising the listing price, so as to promote more retail participation for future IPO’s of govt. PSU’s. In any manner what so ever, it does not seem that GIC will list at a discount. Also, if this opens at a discount, the retail participants who have just started to open up their wallets thereby contributing to the oversubscriptions to the IPO may again close their wallets. Institutional investors and HNI’s who have profited heavily from the IPO season this year, cannot afford to lose the retail enthusiasm, they are also well aware of the fact that if this opening hurts retail investors, they may not be able to make much earning in the forthcoming IPO’s and hence they will also ensure not to let this IPO list at a discount. This IPO was undersubscribed by retail investors and the GOI and other financial institutions will make it a point by giving huge profits to the retail subscribers so that those who missed it would regret it and not miss future IPO’s. In any case GIC will be a huge success.

    Reply
  2. RS

    YOU MEAN TO SAY IT WILL LIST AT A PREMIUM.. LET US HOPE THAT IT LISTS ABOVE 1000/-. BUT WHY THE TOTAL SILENCE ON ITS ALLOTMENT???

    Reply

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