Issue Subscribed 65% So Far On Day 3

India’s second-largest IPO closes on 13 October

"The retail receives the shares at a discount of Rs 45 per share compared to institutional bidders", says Rahul Shah, Vice President-Equity Advisory Group, Motilal Oswal Securities.

The issue comprises fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter.

Accordingly, the additional shares, which were earlier to be allotted to FPI anchor investors are available for allocation in the QIB (qualified institutional buyer) portion.

GIC Re's IPO is India's second-largest offering after Coal India Ltd's maiden share sale of Rs 15,500 crore in October 2010.

LIC's bid in the GIC Re IPO comes at a time when the reinsurance firm is looking to raise Rs11,372 crore at the upper end of the price band of Rs855-912 per share.

The share sale will see a total stake dilution of 14.22%. Once the companys shares are listed, FPIs can invest in them.

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The net proceeds from the fresh issue will be used to augmenting the capital base to support the future growth of business and to maintain the current solvency levels.

GIC stands at number four among similar global players in terms of premium growth, net expense ratio and investment yield.

India is in a high growth phase and going forward it will be a stable growth for GIC Re and Indian insurer market as well, said Vaidyan. At the IPO price of Rs912, GIC Re is reasonably valued at 3.6 times P/BV on a post money basis.

Government through this IPO plans to sell 12.26% stake in the company and the corporation itself is selling 1.96% stake. "Positives such as leadership position, well managed investment book, robust balance sheet and reasonable valuations provide comfort", says Angel Broking, which has a "subscribe" rating on the issue.

"The financials of the company may get affected adversely if India witnesses bad monsoon or successive poor monsoon seasons, drought, flooding or other catastrophic events impacting the Indian agriculture industry", Angel Broking said.

While operating profit and PAT have grown at a CAGR of 17% and 4% respectively with an average RoE (return on equity) of 17%. "However, given the full valuation and size of the issue, the stock is expected to give returns only in the long term", the brokerage said.

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