GIC Re's Rs 11,500 cr IPO to hit markets next week

Third-largest offering in the domestic market

General Insurance Corporation of India (GIC Re), a government-owned general reinsurer, will launch its Rs 11,500 crore initial public offering (IPO) next week, said people with the direct knowledge of the development. The offering will be biggest since Coal India’s Rs 15,200-crore IPO in October 2010. 

It will also be the third-largest IPO in the history of domestic market. GIC Re’s comes close on heels of two successful big-ticket IPOs from the insurance sector. Last month, IPOs of SBI Life Insurance Company and ICICI Lombard had raised Rs 8,400 crore and Rs 5,700 crore respectively. Both the offerings had seen