Two large state-owned insurers, General Insurance Corporation of India (GIC Re) and New India Assurance Co., have begun searching for merchant bankers to manage their upcoming initial public offerings (IPOs).
However, the proportions of the stocks that will be put on the trading block have yet to be determined. GIC Re is expected to appoint up to eight merchant bankers to manage its IPO, while New India Assurance will name seven.
Aside from GIC Re and New India, the three other companies are: Oriental Insurance, National Insurance, and United India Insurance.
