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GIC IPO is a book build issue of ₹11,256.83 crores. The issue is a combination of fresh issue of 1.72 crore shares aggregating to ₹1,552.67 crores and offer for sale of 10.75 crore shares aggregating to ₹9,704.16 crores.
GIC IPO bidding started from Oct 11, 2017 and ended on Oct 13, 2017. The allotment for GIC IPO was finalized on Oct 18, 2017. The shares got listed on BSE, NSE on Oct 25, 2017.
GIC IPO price band is set at ₹912.00 per share . The lot size for an application is 16. The minimum amount of investment required by an retail is ₹13,680 (16 shares). The lot size investment for sNII is 14 lots (224 shares), amounting to ₹2,04,288, and for bNII, it is 69 lots (1,104 shares), amounting to ₹10,06,848.
The issue includes a reservation of up to 1,34,717 shares for employees offered at a discount of ₹45.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
| IPO Date | October 11, 2017 to October 13, 2017 |
| Listing Date | October 25, 2017 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹855 to ₹912 per share |
| Issue Price Final | ₹912 per share |
| Lot Size | 16 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 12,47,00,000 shares (aggregating up to ₹11,256.83 Cr) |
| Fresh Issue | 1,72,00,000 shares (aggregating up to ₹1,552.67 Cr) |
| Offer for Sale | 10,75,00,000 shares of ₹5 (aggregating up to ₹9,704.16 Cr) |
| Retail Discount | Rs 45.00 per share |
| Employee Discount | ₹45.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 86,00,00,000 shares |
| Share Holding Post Issue | 87,72,00,000 shares |
General Insurance Corporation IPO offers total 12,47,00,000 shares. Out of which 6,22,82,640 (49.95%) allocated to QIB, 1,86,84,793 (14.98%) allocated to NII, 4,35,97,850 (34.96%) allocated to RII.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 6,22,82,640 (49.95%) | NA |
| NII (HNI) Shares Offered | 1,86,84,793 (14.98%) | NA |
| Retail Shares Offered | 4,35,97,850 (34.96%) | 27,24,865 |
| Employee Shares Offered | 1,34,717 (0.11%) | NA |
| Total Shares Offered | 12,47,00,000 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
GIC IPO opens on October 11, 2017, and closes on October 13, 2017.
| IPO Open Date | Wed, Oct 11, 2017 |
| IPO Close Date | Fri, Oct 13, 2017 |
| Tentative Allotment | Wed, Oct 18, 2017 |
| Initiation of Refunds | Mon, Oct 23, 2017 |
| Credit of Shares to Demat | Tue, Oct 24, 2017 |
| Tentative Listing Date | Wed, Oct 25, 2017 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 13, 2017 |
Investors can bid for a minimum of 16 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 16 | ₹14,592 |
| Retail (Max) | 13 | 208 | ₹1,89,696 |
| S-HNI (Min) | 14 | 224 | ₹2,04,288 |
| S-HNI (Max) | 68 | 1,088 | ₹9,92,256 |
| B-HNI (Min) | 69 | 1,104 | ₹10,06,848 |
Incorporated in 1972, General Insurance Corporation of India is the largest reinsurance company in India in terms of gross premiums. They provides various general insurance products like property, energy, marine, engineering, miscellaneous, aviation-hull/spares-rotor wing, aviation-hull/spares-fixed wing, liability, aviation treaty–hull, spares and liability insurance products. They also offers cargo and offshore energy, motor, life, agriculture, space, health, credit and financial insurance.
They offers reinsurance solutions for the Afro-Asian region and reinsurance programs in South East Asia, the Middle East and Africa. They develop their overseas business through their home office in Mumbai, branch offices in London, Dubai and Kuala Lumpur, a representative office in Moscow, a subsidiary in the United Kingdom that is a member of Lloyd’s of London and a
subsidiary in South Africa.
Competitive Strengths
1. Leader in Indian reinsurance industry with 44 years of experience
2. International presence
3. Diversified product portfolio and revenue streams
4. Strong financial track record and a strong balance sheet
5. Experienced management team
| Particulars | For the year/period ended (in Rs. million) | |||||
|---|---|---|---|---|---|---|
| 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | 31-Mar-13 | ||
| Total Assets | 485,269.54 | 406,375.76 | 430,986.15 | 332,005.86 | 281,390.59 | |
| Total Revenue | 36,441.79 | 32,340.78 | 30,995.34 | 26,985.09 | 25,111.20 | |
| Profit After Tax | 28,578.52 | 26,549.18 | 28,026.85 | 23,218.42 | 22,888.64 | |
The Company GIC IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Augmenting the capital base | 1,149.55 |
| 2 | General corporate purposes | 383.15 |
[Dilip Davda] GIC IPO is the first mover in Re-insurance segment, hence going forward, it will create fancy, but considering fate of recent insurance sector IPO’s performance post listing and the mega size of this fully priced offer with wider chances of allotment, immediate rewards are unlikely. Hence cash surplus investors may consider moderate investment for long term. Read detail review...
| Listing Date | October 25, 2017 |
| BSE Script Code | 540755 |
| NSE Symbol | GICRE |
| ISIN | INE481Y01014 |
| Final Issue Price | ₹912 per share |
| BSE Listing Group | B |
General Insurance Corp.of India
‘Suraksha’ 170, J Tata Road,
Churchgate,
Mumbai 400 020
Mumbai, Maharashtra
Phone: + (91 22) 2286 7000
Email: investors.gic@gicofindia.com
Website: http://www.gicofindia.com
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: gic.ipo@karvy.com
Website: https://ipostatus.kfintech.com/
Lead Manager Reports
GIC IPO is a main-board IPO of 12,47,00,000 equity shares of the face value of ₹5 aggregating up to ₹11,256.83 Crores. The issue is priced at ₹912 per share. The minimum order quantity is 16.
The IPO opens on October 11, 2017, and closes on October 13, 2017.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in GIC IPO using UPI as a payment gateway. Zerodha customers can apply in GIC IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in GIC IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The GIC IPO opens on October 11, 2017 and closes on October 13, 2017.
GIC IPO lot size is 16, and the minimum amount required for application is ₹14,592.
You can apply in GIC IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for GIC IPO will be done on Wednesday, October 18, 2017, and the allotted shares will be credited to your demat account by Tuesday, October 24, 2017. Check the GIC IPO allotment status.
The GIC IPO listing date is on Wednesday, October 25, 2017.
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