Govt's 5% GIC Re offer for sale fully subscribed; boosts FY27 divestment drive

The government's 5% Offer for Sale (OFS) in state-owned reinsurer GIC Re was fully subscribed, with the full greenshoe option triggered due to strong investor demand. Despite the robust response, the stock saw a sharp 9% decline during the transaction. The successful divestment provides a meaningful boost to the government's FY27 disinvestment programme.