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Oct 13, 2017 06:19 PM IST | Source: Moneycontrol.com

GIC Re IPO oversubscribed 1.35 times so far on Day 3

The issue IPO received bids for 16,87,32,208 shares against total issue size of 12,47,00,000 shares, data available with the NSE as of 6:00 pm showed.

GIC Re IPO oversubscribed 1.35 times so far on Day 3

Moneycontrol News

General Insurance Corporation of India’s (GIC) initial public offering (IPO) was oversubscribed 1.35 on the last day of issue.

The issue IPO received bids for 16,87,32,208 shares against total issue size of 12,47,00,000 shares, data available with the NSE as of 6:00 pm showed.

The share reserved for instututional investors was subscribed 2.25 times, while non-instutional bidders was 0.22 times. In case of retail investors, the issue was subscribed 0.48 times.

The IPO, which aims to raise Rs 11,370-crore had fixed the price band of Rs 855-912 apiece. It plans to use the funds to ramp up capital for business growth and maintain current solvency levels.

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.

The issue comprises a fresh issue of 1,72,00,000 shares and an offer for sale of 10,75,00,000 shares by the promoter.

The book running lead managers to the offer are Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital.
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