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General Insurance Corporation IPO is a book built issue of Rs 11,175.84 crores. The issue is a combination of fresh issue of 1.72 crore shares and offer for sale of 10.75 crore shares.
General Insurance Corporation IPO bidding started from October 11, 2017 and ended on October 13, 2017. The allotment for General Insurance Corporation IPO was finalized on Wednesday, October 18, 2017. The shares got listed on BSE, NSE on October 25, 2017.
General Insurance Corporation IPO price band is set at ₹855 to ₹912 per share. The minimum lot size for an application is 16 Shares. The minimum amount of investment required by retail investors is ₹14,592.
The issue includes a reservation of up to 144,197 shares for employees offered at a discount of Rs 45 to the issue price.
Axis Capital Limited, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, Hsbc Securities & Capital Markets Pvt Ltd and Kotak Mahindra Capital Company Limited are the book running lead managers of the General Insurance Corporation IPO, while Kfin Technologies Limited is the registrar for the issue.
Refer to General Insurance Corporation IPO RHP for detailed information.
| IPO Date | October 11, 2017 to October 13, 2017 |
| Listing Date | October 25, 2017 |
| Face Value | ₹5 per share |
| Price Band | ₹855 to ₹912 per share |
| Lot Size | 16 Shares |
| Total Issue Size | 124,700,000 shares (aggregating up to ₹11,175.84 Cr) |
| Fresh Issue | 17,200,000 shares (aggregating up to ₹[.] Cr) |
| Offer for Sale | 107,500,000 shares of ₹5 (aggregating up to ₹[.] Cr) |
| Retail Discount | Rs 45 per share |
| Employee Discount | Rs 45 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 860,000,000 |
| Share holding post issue | 877,200,000 |
General Insurance Corporation IPO offers 124,700,000 shares. 62,277,900 (49.94%) to QIB, 18,683,371 (14.98%) to NII, 43,594,532 (34.96%) to RII, 144,197 (0.12%) to employees. 2,724,658 RIIs will receive minimum 16 shares and (sNII) and (bNII) will receive minimum 224 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 62,277,900 (49.94%) | NA |
| NII (HNI) Shares Offered | 18,683,371 (14.98%) | |
| Retail Shares Offered | 43,594,532 (34.96%) | 2,724,658 |
| Employee Shares Offered | 144,197 (0.12%) | NA |
| Total Shares Offered | 124,700,000 (100%) |
General Insurance Corporation IPO opens on October 11, 2017, and closes on October 13, 2017.
| IPO Open Date | Wednesday, October 11, 2017 |
| IPO Close Date | Friday, October 13, 2017 |
| Basis of Allotment | Wednesday, October 18, 2017 |
| Initiation of Refunds | Monday, October 23, 2017 |
| Credit of Shares to Demat | Tuesday, October 24, 2017 |
| Listing Date | Wednesday, October 25, 2017 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 13, 2017 |
Investors can bid for a minimum of 16 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 16 | ₹14,592 |
| Retail (Max) | 13 | 208 | ₹189,696 |
| Lot Size Calculator | |||
Incorporated in 1972, General Insurance Corporation of India is the largest reinsurance company in India in terms of gross premiums. They provides various general insurance products like property, energy, marine, engineering, miscellaneous, aviation-hull/spares-rotor wing, aviation-hull/spares-fixed wing, liability, aviation treaty–hull, spares and liability insurance products. They also offers cargo and offshore energy, motor, life, agriculture, space, health, credit and financial insurance.
They offers reinsurance solutions for the Afro-Asian region and reinsurance programs in South East Asia, the Middle East and Africa. They develop their overseas business through their home office in Mumbai, branch offices in London, Dubai and Kuala Lumpur, a representative office in Moscow, a subsidiary in the United Kingdom that is a member of Lloyd’s of London and a
subsidiary in South Africa.
Competitive Strengths
1. Leader in Indian reinsurance industry with 44 years of experience
2. International presence
3. Diversified product portfolio and revenue streams
4. Strong financial track record and a strong balance sheet
5. Experienced management team
| Particulars | For the year/period ended (in Rs. million) | |||||
|---|---|---|---|---|---|---|
| 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | 31-Mar-13 | ||
| Total Assets | 485,269.54 | 406,375.76 | 430,986.15 | 332,005.86 | 281,390.59 | |
| Total Revenue | 36,441.79 | 32,340.78 | 30,995.34 | 26,985.09 | 25,111.20 | |
| Profit After Tax | 28,578.52 | 26,549.18 | 28,026.85 | 23,218.42 | 22,888.64 | |
The Offer comprises of the Fresh Issue and the Offer for Sale.
1. Offer for Sale
Corporation will not receive any proceeds from the Offer for Sale.
2. Fresh Issue
Corporation proposes to utilize the Net Proceeds from the Fresh Issue towards:
(i) Augmenting the capital base of the Corporation to support the growth of their business and to maintain current solvency levels; and
(ii) General corporate purposes.
[Dilip Davda] GIC IPO is the first mover in Re-insurance segment, hence going forward, it will create fancy, but considering fate of recent insurance sector IPO’s performance post listing and the mega size of this fully priced offer with wider chances of allotment, immediate rewards are unlikely. Hence cash surplus investors may consider moderate investment for long term. Read detail review...
The General Insurance Corporation IPO is subscribed 1.38 times on October 13, 2017 8:50:00 PM. The public issue subscribed 0.63 times in the retail category, 2.25 times in the QIB category, and 0.22 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 2.25 |
| NII | 0.22 |
| Retail | 0.63 |
| Employee | 0.94 |
| Total | 1.38 |
| Listing Date | October 25, 2017 |
| BSE Script Code | 540755 |
| NSE Symbol | GICRE |
| ISIN | INE481Y01014 |
| Final Issue Price | ₹912 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹912.00 |
| ₹850.00 |
| ₹780.25 |
| ₹895.00 |
| ₹870.40 |
| NSE |
|---|
| ₹912.00 |
| ₹850.00 |
| ₹780.00 |
| ₹899.00 |
| ₹874.30 |
General Insurance Corporation of India
‘Suraksha’ 170, J Tata Road,
Churchgate,
Mumbai 400 020
Phone: + (91 22) 2286 7000
Email: investors.gic@gicofindia.com
Website: http://www.gicofindia.com
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: gic.ipo@karvy.com
Website: https://kosmic.kfintech.com/ipostatus/
Lead Manager Reports
General Insurance Corporation IPO is a main-board IPO of 124,700,000 equity shares of the face value of ₹5 aggregating up to ₹11,175.84 Crores. The issue is priced at ₹855 to ₹912 per share. The minimum order quantity is 16 Shares.
The IPO opens on October 11, 2017, and closes on October 13, 2017.
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
The General Insurance Corporation IPO opens on October 11, 2017 and closes on October 13, 2017.
General Insurance Corporation IPO lot size is 16 Shares, and the minimum amount required is ₹14,592.
You can apply in General Insurance Corporation IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for General Insurance Corporation IPO will be done on Wednesday, October 18, 2017, and the allotted shares will be credited to your demat account by Tuesday, October 24, 2017. Check the General Insurance Corporation IPO allotment status.
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