Health Care

GIC IPO subscribed 0.75 times

GIC IPO subscribed 0.75 times”

General Insurance Corp. of India Ltd's (GIC Re) initial public offer (IPO) was subscribed 81% on the second day of the bidding on Thursday.

Bids were received for 9.41 crore equity shares as against 12.47 crore equity shares on offer in the price band of ₹855-912. The company has set a price range for the issue between Rs 855 to Rs 912 per equity share.

The quota reserved for the QIBs was subscribed 1.56 times; the shares allocated for the NII (non-institutional investors) category got subscribed 0.42% while the quantum blocked for retail investors got subscribed 5.75%.

Meanwhile nearly all brokerage houses have a subscribe recommendation on the IPO. The IPO opened for subscription today, 11 October 2017. GIC IPO is India's second-largest public offer since Coal India's Rs 15,200 crore and Reliance Power's Rs 10,123.2 crore share sale - which was at the second spot before GIC IPO, now slipped to the third place.

The GIC IPO is the first by a non-life state-run insurer to offer a share sale.

General Insurance Corporation (GIC) is the largest reinsurer in India by gross premiums accepted in the fiscal ended March 2017 (FY2017), accounting for almost 60% of the premiums ceded by Indian insurers to reinsurers in the fiscal year. The company proposes to utilise the proceeds towards augmenting the capital base to support growth of the business and to maintain current solvency levels as also general corporate purposes. "While compared to valuation of its peers it is priced attractive but valuations as such for the company is high and it doesn't make sense for someone to hold on to the stock unless one is ready to wait for 2 to 3 years, as in the short-term it's not going to make money due to valuations".



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