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GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017 General Insurance Corporation  of India Limited (GIC Re’s) initial public offer (IPO) opens today for subscription. The company aims to garner over Rs 11,000 crore. The price band has been fixed at Rs 855 – Rs 912 per share. The IPO would be India’s third biggest ever, after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues. The IPO consists of an offer for sale (OFS) of 10.75 crore shares (12.5% stake pre-issue) worth Rs 9,804 crore at the higher price band and a fresh issue of 1.72 crore shares worth Rs 1,569 crore. The amount raised from the fresh issue will be used for augmenting the capital base to support future business growth and to maintain current solvency levels. ALSO READ:   MARKETS LIVE: Sensex up 100 pts, Nifty tests 10,050; Q2 earnings in focus GIC Re is the largest reinsurance company in India in terms of gross ...

The stock listed at Rs 735, a 5% premium against its initial public offer price of Rs 700 per share on the National Stock Exchange. SBI Life Insurance  Company made a quite debut by listing at Rs 735, a 5% premium against its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE). At 10:02 AM; the stock was trading at Rs 734 on the NSE. It hit a high of Rs 740 and low of Rs 730 so far. A combined 11.5 million shares exchanged hands on the NSE and BSE. The company’s Rs 8,400 crore IPO was subscribed 3.587 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed. SBI Life is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif, the insurance holding company of France. SBI Life Insurance   IPO   is the largest priva...

ICICI Prudential Life Insurance lists below issue price ICICI Prudential Life Insurance has listed at Rs 330, 1.2% below its issue price of Rs 334 per share, on the National Stock Exchange (NSE). At 10:01 am, the stock was trading at Rs 331.60, after hitting a high of Rs 333.80 post its listing. ICICI Prudential Life Insurance   has raised Rs 6,057-crore through initial public offer (IPO), become the first insurer to list. The company's public issue was oversubscribed 10.5 times. The quota set aside for qualified institutional buyers was subscribed 11.83 times while for the non-institutional investor category, it was 28.55 times. The retail portion was oversubscribed 1.42 times, the exchange data shows. The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest are also the shareholders. At the end of financial year 2016 (FY16), ICICI Prudential was the biggest private sector insur...