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General Insurance Corp. of India IPO 1.37x oversubscribed

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General Insurance Corp. of India IPO 1.37x oversubscribed

State-owned General Insurance Corp. of India's IPO was 1.37x oversubscribed as it received bids for 171,553,664 shares, The Economic Times reported Oct. 13.

This was mainly due to demand from qualified institutional buyers, whose allocated quota was 2.25x oversubscribed during the issuance period that ran from Oct. 11 to Oct. 13.

On the other hand, retail, noninstitutional and employee quotas were undersubscribed at 62%, 22% and 94%, respectively. The 113.7-billion-rupee IPO received bids totaling 155.77 billion rupees, the report added.

The Indian government raised about 98 billion rupees through selling some of its shares in the listing, Reuters said in a same-day report. The government put 107.5 million shares on sale while General Insurance sold 17.2 million new shares. There were 124.7 million shares on offer, or 14.2% of the company's post-offer paid-up equity share capital.

General Insurance is expected to list Oct. 25. HSBC, Citi, Deutsche Bank, Axis Capital and Kotak managed the IPO, the country's second-biggest behind Coal India's 2010 share sale that raised 155 billion rupees.

As of Oct. 13, US$1 was equivalent to 64.72 Indian rupees.