The initial public offer (IPO) of state-owned General Insurance Corporation of India was subscribed 90 per cent on the second day of the bidding on Thursday. GIC Re’s Rs 11,370-crore IPO received bids for 11,16,79,024 shares against total issue size of 12,47,00,000 shares, data available with the NSE showed.
The portion meant for qualified institutional buyers (QIBs) was oversubscribed 1.68 times, that for non- institutional investors by 2 per cent and retail investors' quota by 16 per cent. Till yesterday, the IPO was subscribed 80 per cent. The reinsurance company has fixed the price band at Rs 855-912 for its IPO which closes on Friday.