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GIC Re's $1.7 bn public offer to open next week as India's 2nd biggest IPO

GIC Re set a price range of Rs 855-912 a share for its IPO that will run from Oct 11-13

Reuters  |  Mumbai 

State-run reinsurer General Insurance Corp of India’s (GIC Re) initial public offering of shares next week seeks to raise as much $1.7 billion in what will be India’s second-biggest IPO. GIC Re set a price range of 855-912 rupees a share for its IPO that will run from Oct. 11-13, according to a public notice on Wednesday. At the upper end of the price range, the IPO would raise 113.7 billion rupees ($1.7 billion). With almost $6 billion worth of IPO sales in the first three quarters of 2017, India is set for a record year aided by strong stock markets and higher fund ...

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First Published: Wed, October 04 2017. 10:11 IST
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