General Insurance Corporation of India IPO
State-owned reinsurance company General Insurance Corporation of India (GIC) on 7th August 2017,had filed DRHP for its initial public offering (IPO) .The IPO will see a total stake dilution of 14.22%. The IPO is likely to raise over Rs10,000 crores
General Insurance Corporation of India(Leading Government PSU)(incorporated in 1972) is the largest Re-insurance company in India . It provides various general insurance products like property, energy, marine, engineering, miscellaneous, aviation-hull/spares-rotor wing, aviation-hull/spares-fixed wing, liability, aviation treaty–hull, spares and liability insurance products.
The company takes up reinsurance business for its counter-parts in the Afro-Asian region ,in South East Asia, the Middle East and Africa. GIC has developed its overseas business through its office in Mumbai & branch offices in London, Dubai and Kuala Lumpur, a representative office in Moscow, a subsidiary in the United Kingdom which is a member of Lloyd’s of London and a subsidiary in South Africa.
Rs10,000-crore GIC IPO will be the second largest public offering in India. In 2010, state-owned company Coal India Ltd had set the record for India’s largest IPO, raising Rs15,200 crores.
Objects of the General Insurance Corporation of India IPO:
General Insurance Corporation of India IPO Details:
|Open Date:||Oct 11 2017|
|Close Date:||Oct 13 2017|
|Face Value:||₹ 5 Per Equity Share|
|Issue Type:||Book Built Issue IPO|
|Issue Size:||11,372.64 Cr.|
|Lot Size:||16 Shares|
|Issue Price:||₹ 855-912 Per Equity Share|
|Listing Date:||Oct 25 2017|
Promoters And Management:
Financials of General Insurance Corporation of India IPO:
|Particulars||For the year/period ended (in Rs. million)|
|Profit After Tax||28,578.52||26,549.18||28,026.85||23,218.42||22,888.64|