(Bloomberg) -- General InsuranceCorp., India’s largest reinsurer, and its owner will seek asmuch as 113.7 billion rupees ($1.7 billion) after setting terms forthe third-biggest initial public offering on record in the SouthAsian nation.
|GIC will offer 17.2 million new shares at 855 rupees to 912rupees apiece, according to advertisement published Wednesdayin the Financial Express newspaper. Its only shareholder, theIndian government, will sell as many as 107.5 million shares in theIPO. The offering will open on Oct. 11 and close on Oct. 13.
|Related: Berkshire-backed Gen Re targets world-beating Indiamarket
|Indian IPOs have already raised 389.3 billion rupees this year,surpassing the previous annual record set in 2010, accordingto data compiled by Bloomberg. The share sale from GIC will be thebiggest since Coal India Ltd.’s 2010 offering and the third biggestever in the country, the data show.
|GIC will offer a discount of 45 rupees per share to staff andindividual investors, according to Wednesday’sadvertisement. The reinsurer is following SBI Life InsuranceCo., the insurance unit of India’s largest bank, which raised 83.86billion rupees in its IPO last month.
|Citigroup Inc., Axis Bank Ltd., Deutsche Bank AG, HSBC HoldingsPlc and Kotak Mahindra Bank Ltd. are the book running lead managersfor the GIC sale.
|Related: Catastrophe global re/insurance losses will exceed$100 billion in 2017, Fitch says
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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