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  #1  
Old 4th October 2017, 08:54 AM
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Default General Insurance Corporation Of India - GIC - IPO



GIC's mega IPO will open next week.

Quote:
General Insurance Corporation of India (GIC Re), a government-owned general reinsurer, will launch its Rs 11,500 crore initial public offering (IPO) next week, said people with the direct knowledge of the development. The offering will be biggest since Coal India’s Rs 15,200-crore IPO in October 2010.
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  #2  
Old 7th October 2017, 04:42 AM
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Just like all other insurance IPOs, this one too is fully priced.

Nothing has been left on the table for investors.

It's a mammoth IPO.

The IPO size is almost equal to ICICI Lombard and SBI Life added together.

There is a good chance that it will sink on listing.

There is nothing in this IPO for HNI investors and that is why the grey market premium is 0.

There is a 5% discount for retail investors and retail investors have to decide whether they want to play for this 5%.

Allotment chances are good and it is possible that retail category will remain under-subscribed.

The company is doing well, but growth prospects are not too bright in India (compared to smaller insurance companies like ICICI Lombard).

Of course, the sector as a whole has great potential because of under-penetration in India, but GIC already has a significant market share and competition is growing. It will be difficult for GIC to increase market share from here on. At best it will maintain its market share.

I may apply for the IPO if overall subscription crosses 2-3 times. Even with a 5% discount, the IPO looks risky because of its size. Most retail investor will try to sell on listing and that may lead to a crash (remember Reliance Power listing).

The company's business is explained briefly here:

https://www.bloombergquint.com/ipos/...o-analyst-meet
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  #3  
Old 7th October 2017, 06:23 AM
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Avoiding...too much insurance is not good for investment.

I'll wait for HDFC Life.
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  #4  
Old 9th October 2017, 08:33 PM
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May apply but only if retail is under subscribed and/or QIB is heavily subscribed. This will be a play on the discount.
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  #5  
Old 11th October 2017, 12:41 PM
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Amazing start. Already subscribed 0.71 times.

I don't see any way the stock can list much above the IPO price.

However if the QIB demand is strong enough, retail investors can expect to make good profit because of the 5% discount offered to them. Allotment chances are good for retail investors because of the large size of the IPO.
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  #6  
Old 12th October 2017, 03:37 PM
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Quote:
Originally Posted by Alchemist View Post
Amazing start. Already subscribed 0.71 times.
This is where the bids came from:

Quote:
LIC has bid for shares worth around Rs7,000-8,000 crore, the second person cited above said. Mint could not ascertain the exact quantum of the LIC bid.
LIC makes Rs8,000 crore bid in GIC Re IPO - Livemint

There was 0 FII demand till yesterday.
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  #7  
Old 12th October 2017, 08:09 PM
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So the free float will be around 3000 Crores.

If we assume another 1000~1500 crores are cornered by the long term investors then there won't be much pressure on the listing day.

What is your thinking?
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  #8  
Old 12th October 2017, 09:26 PM
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Quote:
Originally Posted by paran View Post
So the free float will be around 3000 Crores.

If we assume another 1000~1500 crores are cornered by the long term investors then there won't be much pressure on the listing day.

What is your thinking?
Free float will be at least 3000 crores.

LIC is not going to get 100% allotment as QIB category is over-subscribed.

More than 6 crore shares will be allotted in retail/employees/HNI categories. Majority or maybe most of allottees will want to sell on listing.
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  #9  
Old 12th October 2017, 10:46 PM
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Quote:
Originally Posted by Alchemist View Post
Free float will be at least 3000 crores.

LIC is not going to get 100% allotment as QIB category is over-subscribed.

More than 6 crore shares will be allotted in retail/employees/HNI categories. Majority or maybe most of allottees will want to sell on listing.
HNI category may not get fully subscribed.

However, 4.36 crore shares are reserved for retail investors and that still is a huge quantity.
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  #10  
Old 13th October 2017, 07:58 AM
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Day two had ended at 0.9x subscription and retail is at 0.16 x while employee quota is at 0.48x already. Are employees getting a higher discount?

Quote:
Originally Posted by Alchemist View Post
Amazing start. Already subscribed 0.71 times.

I don't see any way the stock can list much above the IPO price.

However if the QIB demand is strong enough, retail investors can expect to make good profit because of the 5% discount offered to them. Allotment chances are good for retail investors because of the large size of the IPO.
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  #11  
Old 13th October 2017, 08:08 AM
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Found a very interesting article on this company and it's source of revenue if it helps make a decision. Do share your views.

Link
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  #12  
Old 13th October 2017, 09:17 AM
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Quote:
Originally Posted by entee View Post
Found a very interesting article on this company and it's source of revenue if it helps make a decision. Do share your views.

Link
Guys, what is your plan today?

Do you think we should invest here?

This stock can give full allotment !!!
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  #13  
Old 13th October 2017, 09:22 AM
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IMO, Retail portion will be fully subscribed. I am applying for this.
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  #14  
Old 13th October 2017, 09:34 AM
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Quote:
Originally Posted by nitinku5021a View Post
IMO, Retail portion will be fully subscribed. I am applying for this.
Seriously?

Are you sure, I am still thinking it will going to open in discount.
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  #15  
Old 13th October 2017, 10:00 AM
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Quote:
Originally Posted by entee View Post
Day two had ended at 0.9x subscription and retail is at 0.16 x while employee quota is at 0.48x already. Are employees getting a higher discount?
Employee quota has only 1.44 lac shares.

Also in this IPO, employees are allowed to bid for up to Rs 5 lac.
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  #16  
Old 13th October 2017, 10:00 AM
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Me too thinking to apply for this (6~7 lots).

The reasons are

1. Rs:45 discount for retail.

2. I guess LIC will be used as a savior as usual in case of Government IPO. So the downside would be limited on listing I think.

However still thinking :-).
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  #17  
Old 13th October 2017, 10:07 AM
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Quote:
Originally Posted by veryfast View Post
Seriously?

Are you sure, I am still thinking it will going to open in discount.
Everything depends on the final subscription figure.

Let's wait and see.

If it weren't for the retail discount, I would skipped this IPO for sure.

I am also not sure whether the retail category will get fully subscribed or not. I will take the final decision only after 2 PM.
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  #18  
Old 13th October 2017, 10:08 AM
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Quote:
Originally Posted by veryfast View Post
Seriously?

Are you sure, I am still thinking it will going to open in discount.
Grey Market discount is not reflecting Retail price if you are looking at that. The free float would be around 4000 Crores and I am guessing the QIBs will provide very good support for this.

But then, it's all my opinion, so take it with lots of salt.
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  #19  
Old 13th October 2017, 10:12 AM
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Quote:
Originally Posted by nitinku5021a View Post
I am guessing the QIBs will provide very good support for this.
Till yesterday, there was not much QIB demand for this IPO.

Only one big bid from LIC, the compulsive buyer of PSU shares.

FII demand was 10976 shares and Mutual Fund demand was 0.

Of course, things can change drastically on the last day, but it is better for things to change and then take a decision.
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  #20  
Old 13th October 2017, 12:48 PM
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It now seems retail segment won't be fully subscribed.

Retail investors will get 100% allotment.
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  #21  
Old 13th October 2017, 12:56 PM
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It's scary.

For QIB

FII is zero on NSE and 11k on BSE
Mutual Fund is zero in both NSE and BSE

Effectively there is no participator from FII as well as MF
If not for LIC this IPO would have flopped big time.

I had arranged funds to apply, but now I am scared.

Last edited by Atiker : 13th October 2017 at 01:02 PM.
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  #22  
Old 13th October 2017, 12:57 PM
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I have applied for 4 lots from one account.

Betting on the discount given. Fingers crossed.

Wish it turns out well.
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  #23  
Old 13th October 2017, 01:34 PM
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Quote:
Originally Posted by Atiker View Post
It's scary.
It's a high risk high return trade.

Allotment will be 100%.

Anyone who applies for 2 lac in the retail category will get Rs 2 lac of shares at 5% discount.

Listing won't be much above the IPO price. Grey market premium is already negative.

I am not applying.
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  #24  
Old 13th October 2017, 02:02 PM
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I had applied from 4 accounts, now planning to cancel the same if I can.
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  #25  
Old 13th October 2017, 02:28 PM
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Quote:
Originally Posted by entee View Post
I had applied from 4 accounts, now planning to cancel the same if I can.
If you are unable to cancel, just change the price to lower end of the price band.
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  #26  
Old 13th October 2017, 02:54 PM
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Thanks Alchemist. But unable to do either since the bank cut off timing was 2 pm. Managed to cancel one. Trying to talk to Karvy any other ideas?
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  #27  
Old 13th October 2017, 03:25 PM
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Quote:
Originally Posted by entee View Post
Thanks Alchemist. But unable to do either since the bank cut off timing was 2 pm. Managed to cancel one. Trying to talk to Karvy any other ideas?
Only the registrar can cancel the application after the issue has closed. Karvy is the registrar in this case.

Did you submit full applications or single lot applications?
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  #28  
Old 13th October 2017, 03:39 PM
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Quote:
Originally Posted by Alchemist View Post
Only the registrar can cancel the application after the issue has closed. Karvy is the registrar in this case.

Did you submit full applications or single lot applications?
Very low subscription. For withdrawal, one can email to the registrar. I will withdraw my application too.
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  #29  
Old 13th October 2017, 08:45 PM
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Thanks can you share the email id for the same?
Quote:
Originally Posted by nitinku5021a View Post
Very low subscription. For withdrawal, one can email to the registrar. I will withdraw my application too.
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  #30  
Old 13th October 2017, 08:46 PM
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Single lots only. Spoke to Karvy on phone, they are unable to help.

Quote:
Originally Posted by Alchemist View Post
Only the registrar can cancel the application after the issue has closed. Karvy is the registrar in this case.

Did you submit full applications or single lot applications?
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  #31  
Old 14th October 2017, 08:47 AM
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Quote:
Originally Posted by entee View Post
Thanks can you share the email id for the same?
Did you try these:

Contact person name number and Email id:

Mr. Muralikrishna , +91 40 6716 2222, gic.ipo at karvy.com
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  #32  
Old 14th October 2017, 07:21 PM
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Thanks Alchemist. I emailed them but not this id.

Will do so.
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  #33  
Old 14th October 2017, 08:58 PM
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I emailed to the id as indicated by Admin. That's the id available in RHP.
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  #34  
Old 17th October 2017, 03:09 PM
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Haven't heard back from Karvy. The phone number is of customer care. Have email einward.ris@karvy.com which is the email id the call center shared.

This is for anyone else looking to cancel.
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  #35  
Old 17th October 2017, 03:33 PM
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Quote:
Originally Posted by nitinku5021a View Post
I emailed to the id as indicated by Admin. That's the id available in RHP.
You got any response?
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  #36  
Old 17th October 2017, 04:47 PM
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Nope. No response. Will try to call tomorrow. On a second thought, I feel retail will less likely to incur loss on listing day but still, the poor show is scary with high valuation.
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Old 17th October 2017, 10:32 PM
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Originally Posted by nitinku5021a View Post
Nope. No response. Will try to call tomorrow. On a second thought, I feel retail will less likely to incur loss on listing day but still, the poor show is scary with high valuation.
I think that too. The stock is less likely to open below retail price but there is still a risk because of the large free float.
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