Indian state-owned reinsurer GIC Re has listed five banks; HSBC, Citi, Deutsche Bank, Kotak and Axis for its initial public offering (IPO) – with Citi as the listing’s lead manager.
The reinsurer, which is currently 100% owned by the state, is awaiting government instructions on how much stake to offer through the IPO.
GIC Re’s estimated value is at Rs450 billion (US$7 billion), and the government has said that it will sell down its stake to 75% over the next three years.
Alice Vaidyan, GIC Re chairman and managing director, said the process would be complete within six to eight months, Insurance Asia News reported.
