Weak debut of GIC IPO

GIC IPO saw a weak response being down 4.6% at Rs. 870.40 on the BSE. The stock opened at Rs. 850 on the BSE, 6.8% below its issue price of Rs. 912 per share, whereas the IPO was subscribed 1.4 times earlier this month. The reinsurer intends to utilise the IPO proceeds of the fresh issue towards augmenting the capital base of the corporation to support the growth of the business and to maintain current solvency levels and general corporate purposes.