GIC Re’s ₹11,370-crore mega public issue hits the bourses on Wednesday, at a time when the primary market is upbeat.
On Tuesday, the initial public offering of MAS Financial Services was oversubscribed 128.26 times on the last day of bidding. Last week, the Godrej Agrovet’s ₹1,160-crore IPO was subscribed 95 times and the shares are expected to be listed soon.
GIC Re is set to launch its mega ₹11,370-crore IPO — the third largest after Coal India (₹15,200 crore in 2010) and Reliance Power (₹11,600 crore in 2008) — on Wednesday.
The PSU re-insurer will sell 12.47 crore shares in the IPO at a price band of ₹855-912. The IPO will close on October 13.
MAS Financial Services’ public offer to raise ₹460 crore received bids for 91,32 crore shares against the issue size of 71.249 lakh shares, according to exchange data. It has fixed a price band of ₹456-459 a share for the IPO.
According to the NSE, the qualified institutional buyers’ portion was subscribed 81.64 times, while non-institutional investors (HNIs) have bid for 177 times and retail investors by 4.3 times.
Ahead of the IPO, MAS Financial Services had raised about ₹136 crore from anchor investors. The IPO comprises a fresh issue of shares worth up to ₹233 crore and an OFS up to ₹227 crore by existing shareholders.
Indian Energy ExchangeMeanwhile, the ₹1,001-crore IPO of Indian Energy Exchange has received bids for 0.41 per cent. The IPO closes on Wednesday. The company has fixed the price band of ₹1,645-1,650 a share. IEX on Saturday raised about ₹300 crore from anchor investors.
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