Indian state-run GIC Re's $1.75 billion IPO subscribed nearly 80 pct on first day

State-run reinsurer General Insurance Corp of India`s initial public offering of shares to raise 113.73 billion rupees ($1.75 billion) was subscribed nearly 80 percent on the first day of the sale on Wednesday, stock exchange data showed.

The institutional portion of the sale has already been subscribed more than 1.5 times, the data showed.

The IPO, India`s biggest in seven years, closes for subscription on Friday.

($1 = 65.1550 Indian rupees)

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