State-run General Insurance Corp of India (GIC Re) slumped as much as 14.5 per cent on market debut on Wednesday after raising Rs 11,176 crore ($1.72 billion) in the country's biggest initial public offering in seven years. Concerns about valuations have marred the debuts for some of the recent insurance IPOs in India, including ICICI Lombard General Insurance, which fell on its first day of trading last month. GIC Re was fairly priced relative to its domestic rivals but was more expensive than global peers, analysts said. The country's top reinsurer was priced at a ...
State-run GIC Re slumps 14.5% on market debut
After raising Rs 11,176 crore in the country's biggest initial public offering in seven years
Reuters Last Updated at October 25, 2017 16:49 IST