Mumbai: State-owned reinsuer General Insurance Corporation of India (GIC Re) on Wednesday made a tepid debut on the bourses with the share ending at a discount of nearly five per cent to the issue price on the BSE.

Shares of the firm opened at Rs 850, a discount of almost 7 per cent to the issue price of Rs 912. It hit an intra-day high of Rs 895 on the BSE before closing at Rs 870.40. Around 43.82 lakh shares were transacted on the exchange.

On the NSE, the counter opened at Rs 850 and closed at Rs 898 after hitting a day's low of Rs 780. Over 2.75 crore shares were traded during the day. However, there was some relief for retail investors (allotment at Rs 867) as they gained more than 3.50 per cent during the day.

The GIC Re IPO was subscribed more than 1.38 times. The country's largest reinsurer had fixed the price band at Rs 855-912 for its IPO. The company plans to use the proceeds to augment its capital base to support business growth and improve solvency levels as also for business growth.

Reliance Nippon

The IPO of Reliance Nippon Life Asset Management was fully subscribed within one minute of its opening. The first day saw the issue receiving bids of 5,011.65 crores against the issue size of 1,079.57 crore, a subscription of 4.64 times.

While the public issue will close on October 27, the company has fixed the price band at Rs 247-252 per share.