GIC India to extend country's insurance IPO wave

India’s biggest reinsurance company aims to raise a whopping $1.7 billion next week in what could be the third-largest IPO in Indian history.

India’s stock market rally this year coupled with the stable post-listing performance of private insurers appears to have given General Insurance Corporation of India GIC India the confidence to come to market.

In what looks destined to be India's first listing of a state-owned insurance company, GIC India announced on Wednesday that it will kick off its blockbuster initial public offering next week.

Preliminary terms show that GIC India’s IPO could raise as much as Rp112 billion $1.7 billion through a combination of new share sales and existing shares offered by the government.

As it stands GIC India will become the third-largest IPO in...

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