Sails Sale

GIC Re's $1.7 bn share sale covered 80% on day 1; IEX IPO sails through - VCCircle

The initial public offering of state-run reinsurance firm General Insurance Corp of India (GIC Re) was covered 80% on the opening day on Wednesday thanks to strong demand from institutional investors. Retail investors, whose bid value cannot exceed Rs 2 lakh per application, bid for 5. 6% of the shares reserved for them. GIC Re’s IPO is India’s second-largest offering after Coal India Ltd’s maiden share sale of Rs 15,500 crore in October 2010. The state-run reinsurer is. The IPO received bids for nearly 100 million shares for the 124. 7 million shares on offer, stock-exchange data showed. Source:

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Sails Aback
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Photo by Don McCullough on Flickr
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Sail, Sail, Sale
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Photo by versageek on Flickr