The issue of General Insurance Corporation of India opens on October 11th and closes on October 13th. The company is offering shares of in the price band of Rs 855 to Rs 912 per share. A discount of Rs 45 will be applicable for retail investors. The issue comprises of a fresh issue of 17,200,000 equity shares aggregating to Rs 1,568.6 cr and an OFS of 107,500,000 equity shares aggregating to Rs 9,804.0 cr.
About General Insurance Corporation of India
General Insurance Corporation of India GIC is the largest reinsurance company in India in terms of gross premiums with a market share of 60%. GIC also has an international presence and engages in underwriting across 162 countries. GIC was ranked as the 12th largest global reinsurer in 2016.
GIC provides reinsurance reinsurance across key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit & finance and life insurance.
GIC derives 60% of its business from private insurers and the rest from state own insurers. It offers reinsurance to all of non-life insurers in India and to a majority of the life insurance companies.
Business details
Top 10 clients by gross premiums
| Name of Company | Gross Premiums (Rs million) |
|---|---|
| Agriculture Insurance Company of India Limited | 41,455 |
| National Insurance Company Limited | 29,506 |
| ICICI Lombard General Insurance Co. Limited | 26,153 |
| United India Insurance Company Limited | 22,334 |
| The New India Assurance Company Limited | 17,780 |
| HDFC ERGO General Insurance Company Limited | 15,646 |
| Reliance General Insurance Co Limited | 12,081 |
| The Oriental Insurance Company Limited | 8,832 |
| Iffco‐Tokio General Insurance Company Limited | 8,358 |
| Bajaj Allianz General Insurance Company Limited | 7,907 |
| Total | 1,90,051 |
Share holding pattern
| No of shares | % | No of shares(post IPO) | % |
|---|---|---|---|
| 86,00,00,000 | 100 | 75,25,00,000 | 86 |
| 12,47,00,000 | 14 | ||
| 86,00,00,000 | 100 | 87,72,00,000 | 100 |
Issue details
IPO size: Rs 11,372 cr crores at the upper price band
Face value: Rs 5
Retail portion: 35%
Lot size: 16 shares and in multiples thereafter
Maximum subscription amount: Rs.2,00,000
Listing on: both NSE and BSE
IPO schedule
Basis of allotment Oct 18
Unblocking of funds Oct 23
Credit to demat accounts Oct 24
Listing on stock exchanges Oct 25
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Allotment details can be checked here.