New Delhi: Two companies—Indian Energy Exchange and General Insurance Corporation Of India—are set to launch their initial public offerings (IPOs) this week to raise about Rs12,371 crore.
Indian Energy Exchange plans to raise Rs1,001 crore through its initial share sale offering. It has fixed a price band of Rs1,645-1,650 per share for its public issue.
The issue by which the company is selling 60,65,009 shares or 20% of the post-issue paid-up capital will be open for subscription during 9-11 October.
Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings will manage the company’s public issue.
IEX is India’s first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.
State-owned General Insurance Corporation of India’s (GIC Re) Rs11,370 crore IPO is in a price band of Rs855-912 per share.
The IPO will open on 11 October and close on 13 October. Through the initial share sale, the national reinsurer will dilute 14.22% of its post-offer paid-up equity share capital. Of this, the government will dilute 12.26% stake and the balance 1.96% by the corporation itself, the company had said last week.
Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital are the book running lead managers to the offer.