Investors come running as GIC Re hits market with $1.7bn IPO
General Insurance Corp looks set to close the largest Indian IPO in seven years, after offering investors a whopping Rp113.7bn ($1.7bn) deal — and managing to cover 75% of the book on the first day. That was a rare show of early demand for an Indian listing, but the deal was simply too big to ignore, said local bankers. Jonathan Breen reports.
The bookrunning lead managers launched a three day bookbuilding for GIC Re’s 124.7m share offering on Wednesday, getting rapid momentum for the deal. The country has not seen an IPO as large since Coal India’s Rp154.7bn float in October 2010, according to Dealogic data.
“The deal is big,
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