 "IPOs")
Shares of General Insurance Corporation of India listed at Rs 857.50 on the National Stock Exchange, lower by 7 percent compared with issue price of Rs 912. The tepid debut comes despite the company raising Rs 11,372 crore from its IPO. The GIC issue was sold between October 11 and October 13 and was subscribed 1.38 times.
GIC Re’s issue is the third biggest in the domestic markets after Coal India and Reliance Power. Coal India had raised Rs 15,470 crore in October 2010 and Reliance Power raised Rs 11,700 crore in 2008. Last month, two insurance companies, SBI Life
