GIC Re shares fall on market debut

Shares of state-owned General Insurance Corp. of India Ltd’s (GIC Re) debuted 14.5 percent below their issue price in an otherwise vibrant market, before recouping some losses to close 4.56 percent lower.

The disappointing debut comes after the state-owned reinsurer’s INR11,372 crore initial public offer (IPO)—the second largest in India—was subscribed 1.38 times earlier this month.

GIC Re shares opened at INR850 against the issue price of INR912, and touched a high of INR895 and low of INR780.25, before closing at INR870.40. In comparison, the benchmark 30-share Sensex closed 1.33 percent higher at a record 33,042.50 points.

Life Insurance Corp. of India (LIC) bid for INR7,000-8,000 crore in the GIC Re IPO, Mint reported recently.