State-run GIC Re's $1.75 billion IPO subscribed 90 percent by second day

Last Updated: Thu, Oct 12, 2017 17:53 hrs
General Insurance Corp

MUMBAI: State-run reinsurer General Insurance Corp of India's initial public offering of shares to raise 113.73 billion rupees ($1.75 billion) was subscribed 90 percent by the second day of the sale on Thursday, stock exchange data showed.

The institutional portion of the sale has been subscribed nearly 1.7 times, according to the data. Retail investors have bid for 16 percent of the shares reserved for them, while the non-institutional bidders portion has been subscribed 2 percent.

The IPO, India's biggest in seven years, closes for subscription on Friday.

($1 = 65.0550 Indian rupees)

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