India's GIC Re files for potential $1bn IPO
State-owned reinsurer General Insurance Corp of India (GIC Re) on Aug. 7 filed for an initial public offering (IPO) to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.
The transaction could raise more than $1 billion according to bankers, Reuters reported on the same day.
The move is part of the Indian government's plans to list five non-life insurers in which it holds stakes.
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 a total 124.7 million, or 14.22 percent of the company's post-issue share capital, according to the filing.
Axis Capital, Citi, Deutsche Bank, HSBC and Kotak Investment Banking are managing GIC Re's IPO.
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