The largest IPO so far in the calendar year from state run GIC General Insurance Company Limited was subscribed. The company had launched its issue comprising of a fresh issue and offer for sale of 12.47 cr shares in a price band of Rs 855-912. Retail investors and eligible employees were entitled to a discount of Rs 45 per share. The issue received decent response from QIB’s and from retail investors.

The overall issue was subscribed 1.38 times with the QIB portion subscribed 2.25 times. HNI was undersubscribed at 0.22 times primarily because of the retail discount and grey market quoting at a discount because of the same. Retail subscription was at 0.63 times. A total of 6.56 lakh applications were received which means the retail issue was subscribed 0.24 times in terms of lots. This effectively means that the average subscription per form in the retail category was 2.62 lots or 39 shares. This is significantly higher where the average application by retail hovers around 1.5 lots.

There is talk that the issue may not be priced at the top end of the band and may happen somewhere midway. If that is done there would be significant movement when the share lists post Diwali.

The details of the subscription are given below: –