Update 12 October 2017: General Insurance Corporation of India (GIC Re), India’s largest reinsurer, launched an initial public offer (IPO) of its shares on Wednesday and saw a strong response with an estimated subscription of nearly 79% on its first day. The Rs. 11,372 crore ($1.75 billion) IPO, the biggest public offer in last seven years after Coal India’s, is a mix of fresh issue and OFS by the GOI and the corporation itself, as reported by NDTV and Livemint. Through the IPO, the Government of India is selling 12.26% stake in the company and the Corporation itself is selling 1.96%, following which the promoter holding in the company will drop to nearly 86%. The last date to apply for the issue is October 13.

“State-owned reinsurance company General Insurance Corp. of India (GIC) filed the draft red herring prospectus (DRHP) for its initial public offering (IPO). The IPO will see a total stake dilution of 14.22%, according to the DRHP available on the website of one of the investment banks managing the share sale,” reported Mint.

Khaitan & Co partner Abhimanyu Bhattacharya, associate partner Madhur Kohli, principal associate Soumya Mohapatra and associate Barkha Doshi and associate Pranav Agarwal with senior associate Rohan Singh acted for the book running lead managers Citigroup Global Markets, Axis Capital, Deutsche Equities, HSBC Securities and Kotak Mahindra Capital, the book running lead managers to the issue

Herbert Smith Freehills Singapore partner Siddhartha Sivaramakrishnan also acted for the lead managers.

Cyril Amarchand Mangaldas Mumbai partner Gaurav Gupte and Clyde & Co Hong Kong partner John Chrisman acted for General Insurance Corporation of India (GIC).

Update 12 October 2017: Luthra & Luthra and DLA Piper had won the Coal India disinvestment in 2012, alongside erstwhile Amarchand Mangaldas for the underwriters, which is the largest to date.

However, the fees paid by disinvestments - especially to Indian firms - have historically been very low compared to normal commercial capital markets work, in part due to the intense competition by firms to be on the high-profile work.

Note: This is an update to a story first published on 17 August, to account for the record high demand to the issue and increased deal values.

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Like +0 Object -0 Bihari 21 Aug 17, 11:13
http://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=3&ssid=15&smid=10
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Like +1 Object -0 Guest 21 Aug 17, 15:24
Congratulations all!
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Like +1 Object -1 Dido 21 Aug 17, 15:42
Clyde acted directly? Whatever happened to Clasis? I guess that dream cream roll has gotten over with the doors ajar for foreign law firms.
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Like +4 Object -1 Cammie 21 Aug 17, 17:29
Get some brains dodo and do not act like a fool. Can Clasis practice international law and advice on foreign legal issues? Do you even know anything about securities practice and IPO filings? Clasis and Clyde are probably still best friends as usual. Clasis advises on Indian law when Clyde needs it. If this was Indian law how would HSF and Clyde advise? Wonder what you are doing in this profession. HSF and Clyde were international counsels. Please see page 74 of the DRHP.
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Like +4 Object -0 Advice v Advise 22 Aug 17, 10:28
This is off topic, but one of the most common mistakes is the use of "advice" instead of "advise".
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Like +1 Object -0 Hoodibaba 12 Oct 17, 16:50
I would also like to add “loose” and “lose” and the eternal “pl do the needful”
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Like +1 Object -0 gramma nazzee 12 Oct 17, 18:59
Its counsel not counsels.
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Like +2 Object -0 Serious? 21 Aug 17, 22:57
People like you whose knowledge is full of shit is the reason why the government is apprehensive of inviting foreign lawyers. If a foreign lawyer reads this he would be laughing his ass off to your comments.
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Like +0 Object -0 Or alias 12 Oct 17, 15:11
Usd 17 billion upon in India? What are you smoking sire
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Like +0 Object -0 Damn 12 Oct 17, 16:34
Baba The Rs. 11,372 crore ($17.5 billion) IPO.

Is the maths correct or is it 1.75 billion.

Baniya out.....
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Like +1 Object -1 kianganz 12 Oct 17, 16:45
Indeed, terrible decimal point math, sorry about that! Now corrected... :)
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Like +1 Object -1 Mash 13 Oct 17, 09:52
Where's Yash in all this? The biggest public offer in last seven years after Coal India’s
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Like +3 Object -1 RBT 14 Oct 17, 04:51
Size of offer has nothing to do with amount of work. Only noobs get their tongues hanging when someone mentions a big number. The size of an offer is just a financial number and its not like prospectus and disclosures are reduced or increased based on offer size.
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Like +0 Object -0 Guest 17 Oct 17, 20:54
Way to go Soumya. You are the sweetest senior.
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