GIC shares in focus as Rs 3,088 crore OFS opens for retail investors. Should you participate?

Government opened the retail portion of its Rs 3,088 crore OFS in GIC Re at a floor price of Rs 352 per share, representing up to a 5% stake, after the institutional portion was oversubscribed 3.72 times with the full green shoe option exercised. GIC shares declined over 7% on Tuesday as the offer opened, and analysts at SBI Securities have advised retail investors to skip the issue, flagging a combined ratio of 106% in FY26 and reliance on investment income for profits.