Insurance companies are tapping the market in droves. To be sure, the regulatory compulsion was always there to divest promoter holdings in a time-bound manner. But look at what is happening now.
The first ever insurance issue, that of ICICI Pru IPO, happened a year back. The debutant listed below par but now is riding high in in the stock market. ICICI Lombard hit the market last month, followed by SBI Life. GIC Re’s issue managed to draw subscriptions around 1.4 times but did not receive an encouraging response from retail investors.
This may be followed by New India and Reliance General .Not in the distant future will be HDFC Life. And then there will be several PSU issuers.
