GIC Re makes tepid debut on NSE, lists at 6.8% discount over issue price

Mumbai-based national reinsurer, GIC Re, listed at a discount of 6.8 percent on the National Stock Exchange (NSE) today.

The public sector GIC Re's IPO, which was open from October 11 to 13, was subscribed 1.37 times. The IPO received bids for 17,06,99,808 shares against the total issue size of 12,47,00,000 shares.

GIC Re is all set to emerge among the top 10 global reinsurers and figure among the 40 largest Indian rpt Indian corporates, both in terms of market capitalisation.

From its current ranking of 12 largest global reinsurer, the company is set to grow to the 10th spot during the current fiscal, given its healthy growth rate, a market source told PTI. At present, GIC Re is also the 3rd largest reinsurer in Asia. It is also likely be the second largest Indian entity in the financial sector PSU listed space after SBI, the source added.

Alongside SBI, GIC Re is the country's leading MNC in financial sector with a global presence - it has branches in London, Dubai, Kuala Lumpur and a subsidiary in South Africa.

GIC Re is the largest reinsurance company in India in terms of gross premiums received in fiscal year 2017 and accounts for around 60% of the premiums ceded by Indian insurers to reinsurers during the fiscal year.

The company offers reinsurance services in key businesses such as fire (property), marine, motor, engineering, agriculture, aviation, health, liability, credit and financial liability and life insurance.