Mumbai: The country’s national reinsurer, General Insurance Corp. of India (GIC Re), will be listed on the National Stock Exchange (NSE) on 25 October.
GIC Re’s initial public offering (IPO), which was open from 11 to 13 October, was subscribed 1.37 times. The IPO received bids for 170,699,808 shares against the total issue size of 124,700,000 shares, data available with the NSE showed.
GIC Re is all set to emerge among the top 10 global reinsurers and figure among the 40 largest global 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 executive said.
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 official 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. Analysts point out that diversification is the key in risk management and GIC Re writing business from most parts of the world already has good diversification.