State-owned reinsurer General Insurance Corp of India on Monday filed for an initial public offering which bankers have said could raise more than $1 billion, as part of the government's plans to list five non-life insurers in which it holds stakes. GIC Re's filing comes amid a surge in IPOs in Asia's third-largest economy, which has spurred a slew of insurers to pursue listings, including SBI Life Insurance Co Ltd, a unit of State Bank of India. The government will be selling about 107.5 million shares in GIC Re's IPO, while the insurer will sell 17.2 ...
GIC Re files for IPO, may raise over $1 bn
Will issue 124.7 mn shares comprising 14.22% of capital
Reuters Last Updated at August 7, 2017 18:27 IST