The company, a joint venture between Reliance ADAG and Nippon Life of Japan, would both issue fresh shares and offer for sale (OFS) of promoters' holdings to raise around Rs 1,500 crore from the market through the IPO.
The stock touched a high of Rs 630 and low of Rs 563.40 during the day’s trade.
Sources told Mint that SEBI gave the green light for the IPO last week.
Diversified agro-business company Godrej Agrovet started off first trade at Rs 615.60 on the National Stock Exchange, a whopping premium of 33.82 percent over its issue price of Rs 460 per share.
The Rs 1,157 crore IPO was a huge hit and oversubscribed 95.41 times during October 4-6. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 150.96 times, non institutional investors 236.04 times and retail investors 7.67 times, as per NSE data.
Analysts expect the listing price to be in Rs 550-600 per share range, given the overwhelming response to the issue and hefty grew market demand.
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 issue comprises a fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter.
We analysed the performance of 45 IPOs between January 1, 2016 and August 31, 2017 to figure out the broad trend. Share prices as on October 10, 2017 have been taken into account to calculate the gains and losses.
LIC chairman VK Sharma reportedly confirmed that LIC has bid for shares in the GIC Re IPO but declined to comment on the amount bid for.
The initial public offering of up to 6.12 crore equity shares comprises a fresh issue of up to 2.448 crore shares by the company and an offer for sale up to 3.672 crore shares by the selling shareholders.
The offer by the manager of India's third-biggest mutual fund by assets under management, which will run from October 25 to October 27, involves a 10 percent stake sale in the company.
GIC Re is India’s third-biggest IPO after Coal India’s Rs 15,200 crore issue in October 2010 and Reliance Power’s Rs 11,700 crore share sale in January 2008.
The reinsurance company has fixed the price band at Rs 855-912 for its IPO which closes on October 13.
The IPO of the reinsurance company, which is in a price band of Rs 855-912, will close on October 13. The issue comprises fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter.
The IPO received bids for 99,13,914 shares against 42,45,508 shares on offer, as per NSE data.
India's biggest reinsurer kicks off its initial public offering (IPO) today. The USD 1.7 billion issue opens with a price band of Rs 855-912 per share. In an interview to CNBC-TV18, Alice G Vaidyan, CMD of General Insurance Corporation of India (GIC) spoke at length about the IPO.
Brokerages largely recommend subscribing to the issue, considering the penetration potential of insurance services in the country.
GIC Re is looking to utilise the net proceeds of the fresh issue towards augmenting its capital base to support the growth of the business
The IPO, which constitutes 14.22 percent of post-offer paid-up equity share capital, comprises of fresh issue of 1.72 crore equity shares and an offer for sale of 10.75 crore shares by promoter - President of India.
Angel Broking has come out with its report on General Insurance Corporation of India IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on October 10, 2017.
The present shareholders of Bandhan Bank, SIDBI, IFC and GIC of the Singaporean government were likely to take part in the maiden offering. Bandhan Bank, which started full-fledged banking operations in August 2016, were asked by RBI to come out with the IPO in three years from then, he told PTI.
MAS Financial Services' initial share sale offer has received strong response from investors.
Way2Wealth has come out with its report on MAS Financial services IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on October 10, 2017.
Kerela based Kalyan Jewellers has kicked off its initial public offering (IPO) process. CNBC-TV18 learn from sources that the Warburg Pincus backed company is in the process of finalising bankers for its Rs 2,500 to 3,000 crore IPO.