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Indian state-run GIC Re's $1.75 bln IPO subscribed nearly 80 pct on first day
October 11, 2017 / 1:33 PM / 2 months ago

Indian state-run GIC Re's $1.75 bln IPO subscribed nearly 80 pct on first day

MUMBAI, Oct 11 (Reuters) - 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 nearly 80 percent on the first day of the sale on Wednesday, stock exchange data showed.

The institutional portion of the sale has already been subscribed more than 1.5 times, the data showed.

The IPO, India’s biggest in seven years, closes for subscription on Friday. ($1 = 65.1550 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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