(Bloomberg) -- General Insurance Corp., India’s largest reinsurer, and its owner will seek as much as 113.7 billion rupees ($1.7 billion) after setting terms for the third-biggest initial public offering on record in the South Asian nation.
GIC will offer 17.2 million new shares at 855 rupees to 912 rupees apiece, according to advertisement published Wednesday in the Financial Express newspaper. Its only shareholder, the Indian government, will sell as many as 107.5 million shares in the IPO. The offering will open on Oct. 11 and close on Oct. 13.
Indian IPOs have already raised 389.3 billion rupees this year, surpassing the previous annual record set in 2010, according to data compiled by Bloomberg. The share sale from GIC will be the biggest since Coal India Ltd.’s 2010 offering and the third biggest ever in the country, the data show.
GIC will offer a discount of 45 rupees per share to staff and individual investors, according to Wednesday’s advertisement. The reinsurer is following SBI Life Insurance Co., the insurance unit of India’s largest bank, which raised 83.86 billion rupees in its IPO last month.
Citigroup Inc., Axis Bank Ltd., Deutsche Bank AG, HSBC Holdings Plc and Kotak Mahindra Bank Ltd. are the book running lead managers for the GIC sale.
Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
