October 12, 2017 / 12:02 PM / in 8 days

State-run GIC Re's $1.75 billion IPO subscribed 90 percent by second day

The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. REUTERS/Darren Whiteside/Files

MUMBAI (Reuters) - State-run reinsurer General Insurance Corp of India’s initial public offering of shares to raise 113.73 billion rupees ($1.75 billion) was subscribed 90 percent by the second day of the sale on Thursday, stock exchange data showed.

The institutional portion of the sale has been subscribed nearly 1.7 times, according to the data. Retail investors have bid for 16 percent of the shares reserved for them, while the non-institutional bidders portion has been subscribed 2 percent.

The IPO, India’s biggest in seven years, closes for subscription on Friday.

($1 = 65.0550 Indian rupees)

Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu

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