GIC IPO subscribed 80% on Day 1

General Insurance Corporation of India’s (GIC Re’s) Rs 11,400-crore initial public offering (IPO), the country’s third-largest, was subscribed 80 per cent on Wednesday, the first day of the issue.  
 

The institutional investor portion was subscribed 1.55 times, while that of retail investors subscribed 11 per cent, data provided by the bourses showed. 

State-owned GIC Re is India’s largest reinsurance company with 60 per cent market share. 

The price brand for the IPO is Rs 855-912 per share. 

Retail investors are being offered a discount of Rs 45 per share. At the upper end of the price band, GIC Re is valued at