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.