The offer, which will raise nearly Rs. 12,000 crore, will close for subscription on Friday.
India's largest general insurance and reinsurance company GIC RE today hit the market with an issue size of between Rs 10,661 crore to Rs 11,372 crore that has a mix of fresh issuance of 1.72 crore shares and offer for sale of 10.75 crore shares which would dilute government's share in the company close to 15 per cent.
GIC's IPO is a part of the Union government's disinvestment plan, under which the Department of Investment and Public Asset Management (DIPAM) plans to sell government's stakes in several central public sector enterprises through various routes such as IPOs and offers for sale. Retail investors will get a discount of Rs 45 per share. GIC Re's IPO could fetch about '9,804 to the government and remaining Rs 1,568.64 crore to GIC Re. The company has set a price band of Rs 855- 912 per share for its IPO and when calculated at the upper band of the issue price the company will be valued at around Rs 80,000 crore. GIC also underwrote business from 161 countries end June 2017 and was ranked 12th largest global reinsurer in the calendar year (CY) 2016 and the third largest Asian reinsurer in CY 2015 by gross premiums accepted. These include SBI Life Insurance Co, ICICI Lombard General Insurance, New India Assurance, HDFC Standard Life Insurance Co, and Reliance General Insurance Co.
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The firm has "Sell" rating given on Wednesday, July 20 by Goldman Sachs. ( NASDAQ:AAPL ), 36 have Buy rating, 1 Sell and 10 Hold. The institutional investor owned 277,400 shares of the pipeline company's stock after selling 12,400 shares during the period.
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Now we see the performance from the period beginning the first day of the current calendar or fiscal year up to the current date. In the most updated research from a number of analysts on Wall Street, the company gets 5 Buys and 6 Sell among 30 analysts.
Raymond James Financial Services Advisors Inc. Increases Position in MetLife, Inc. (MET)
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Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital are the book running lead managers to the offer.The shares of General Insurance Corporation of India are proposed to be listed on the National Stock Exchange of India and the BSE.
The initial public offering (IPO) of Music Broadcast Ltd, which runs FM radio.