State-run GIC Re's $1.75 billion IPO subscribed 90 per cent by 2nd day
12 Oct 2017 6:12 PM IST
The institutional portion of the sale has been subscribed nearly 1.7 times, according to the data.
2016 has already seen record-breaking 50 IPOs and another 22 are in the pipeline for the coming months.
Mumbai: State-run reinsurer General Insurance Corp of India’s initial public offering of shares to raise 113.73 billion rupees ($1.75 billion) was subscribed 90 per cent by the second day of the sale on Thursday, stock exchange data showed.
The institutional portion of the sale has been subscribed nearly 1.7 times, according to the data. Retail investors have bid for 16 per cent of the shares reserved for them, while the non-institutional bidders portion has been subscribed 2 per cent.
The IPO, India’s biggest in seven years, closes for subscription on Friday.
( Source : reuters )
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