GIC Re files for IPO, may raise over $1 bn

Will issue 124.7 mn shares comprising 14.22% of capital

State-owned reinsurer General Insurance Corp of India on Monday filed for an initial public offering which bankers have said could raise more than $1 billion, as part of the government's plans to list five non-life insurers in which it holds stakes.

GIC Re's filing comes amid a surge in IPOs in Asia's third-largest economy, which has spurred a slew of insurers to pursue listings, including SBI Life Insurance Co Ltd, a unit of State Bank of India.

The government will be selling about 107.5 million shares in GIC Re's IPO, while the insurer will sell 17.2 million new shares, comprising