Mumbai: 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 90 per cent by the second day of the sale on Thursday, stock exchange data showed.

The institutional portion of the sale has been subscribed nearly 1.7 times, according to the data. Retail investors have bid for 16 per cent of the shares reserved for them, while the non-institutional bidders portion has been subscribed 2 per cent.

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