7 August 2017Insurance

India's GIC Re files for potential $1bn IPO

State-owned reinsurer General Insurance Corp of India (GIC Re) on Aug. 7 filed for an initial public offering (IPO) to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.

The transaction could raise more than $1 billion according to bankers, Reuters reported on the same day.

The move is part of the Indian government's plans to list five non-life insurers in which it holds stakes.

The government will be selling about 107.5 million shares in GIC Re's IPO, while the insurer will sell 17.2 million new shares, comprising a total 124.7 million, or 14.22 percent of the company's post-issue share capital, according to the filing.

Axis Capital, Citi, Deutsche Bank, HSBC and Kotak Investment Banking are managing GIC Re's IPO.

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More on this story

Insurance
21 August 2017   Indian initial public offerings (IPOs) are headed for a record year, as a rush of insurers seek to ride a rally in the local market and tap increasing investor demand for financial assets, according to an Aug. 20 Bloomberg report.
Insurance
10 August 2017   India’s state reinsurer GIC Re which is planning to float on the stock exchange wants to grow the reinsurance business outside India to reach around 50 percent of its total gross premiums from currently 30.53 percent.
News
30 May 2017   General Insurance Corporation of India (GIC Re), the national reinsurer, has achieved a growth in premium income of 82.2 per cent during the 2016-17 financial year.