GIC IPO subscribed 80% on Day 1 Indian Energy Exchange IPO subscribed 2.2 times

General Insurance Corporation of India’s (GIC Re’s) ~11,400-crore initial public offering (IPO), the country’s third-largest, was subscribed 80 per cent on Wednesday, the first day of the issue. The institutional investor portion was subscribed 1.55 times, while that of retail investors subscribed 11 per cent, data provided by the bourses showed. Stateowned GIC Re is India’s largest reinsurance company with 60 per cent market share. The price brand for the IPO is ~855-912 per share.

Retail investors are being offered a discount of ~45 per share. At the upper end of the price band, GIC Re is valued at 25 times of its 2016-17 earnings and four times its 2016-17 book value. The ~1,000- crore initial public offering (IPO) of Indian Energy Exchange (IEX), an online power trading platform, witnessed more than two times demand for the shares on offer. The retail and institutional portions were subscribed over two times, while the demand in the high net worth individual category was tepid. IEX's was entirely an offerfor-sale by existing shareholders, including Renuka Ramnath-led Multiples Private Equity,