Two IPOs Worth Rs. 12,371 Crore To Hit Primary Market This Week

Two companies -- Indian Energy Exchange and General Insurance Corporation Of India -- are set to launch their initial public offerings this week to raise about Rs. 12,371 crore.

Indian Energy Exchange plans to raise Rs. 1,001 crore through its initial share sale offering. It has fixed a price band of Rs. 1,645- 1,650 per share for its public issue.

The issue by which the company is selling 60,65,009 shares or 20 per cent of the post-issue paid-up capital will be open for subscription during October 9-11.

Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings will manage the company's public issue.

IEX is India's first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.

State-owned General Insurance Corporation of India's (GIC Re) Rs. 11,370-crore IPO is in a price band of Rs. 855-912 per share.

The IPO will open on October 11 and close on 13.

Through the initial share sale, the national reinsurer will dilute 14.22 per cent of its post-offer paid-up equity share capital. Of this, the government will dilute 12.26 per cent stake and the balance 1.96 per cent by the Corporation itself, the company had said last week.

Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital are the book running lead managers to the offer.