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General Insurance Corp. of India files for IPO

General Insurance Corp. of India has filed for an IPO, making it the latest Indian insurer to seek a public listing in the country, Reuters reported Aug. 7, citing a draft preliminary prospectus.

The state-owned insurer will offer a total of 124,700,000 shares, or 14.22% of the company's post-offer paid-up equity share capital, according to the draft red herring prospectus filed the same day. The Indian government will sell 107,500,000 shares, while GIC will sell 17,200,000 new shares.

The financial details of the offering were not disclosed. Bankers, however, expect the deal to raise more than US$1 billion, Reuters reported.

Citigroup Global Markets India Pvt. Ltd., Axis Capital Ltd., Deutsche Equities India Pvt. Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd. and Kotak Mahindra Capital Co. Ltd. are managing GIC's IPO.

Earlier in 2017, the government announced plans to list five state-owned general insurers and reduce its stake in the companies to 75% from 100%. In April, the government hired eight investment banks to manage the IPO of GIC and New India Assurance Co. Ltd.