GIC Re IPO subscribed 81% so far on second day

IEX has set a price band of Rs1,645-1,650 per share for the IPO

IEX has set a price band of Rs1,645-1,650 per share for the IPO

Bids were received for 9.41 crore equity shares as against 12.47 crore equity shares on offer in the price band of Rs. 855-912. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 1.68 times, that for non- institutional investors by 2 percent and retail investors' quota by 16 percent.

GIC Re Rs 11, 370 crore IPO was subscribed by 90% as at the end of Day 2. The issue consists of a fresh issue of 1.75-crore shares totaling up to Rs 1568.6 crore at the upper price band and offer for sale of 10.75-crore shares totaling up to Rs 9804 crore at the upper price band of Rs 912 per share.

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According to media speculations, Life Insurance Corporation of India (LIC) put in a major bid for shares of GIC Re worth Rs 7,000-8,000. The issue closes on 13 October 2017. The offer for sale comprises 10.75 crore shares by the Union government.

The company is giving a discount of Rs 45 per share to retail investors and eligible employees.

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GIC will not receive any proceeds from the public offer but will instead use them to augment its capital base and general corporate purposes, it said in its red herring prospectus. There is also clear contrast seen in the bid orders between Bombay Stock Exchange and National Stock Exchange as the subscription on NSE stood at 78% while it was just 11% on BSE.

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