GIC share price remained under pressure and slips over 3% on June 17, 2026, as the Offer for Sale (OFS) opened for retail investors following robust participation from non-retail investors on the first day of the issue. Strong demand in the institutional segment prompted the government to exercise the greenshoe option, increasing the size of the stake sale.
GIC share price declined for the 2nd consecutive trading session on Wednesday as the OFS opened for retail investors.
The stock fell more than 3% and hit an intraday low of ₹346.50 on the BSE after opening at ₹350.50, lower than the previous closing price of ₹358.65.
The decline came even as the non-retail portion of the OFS received strong investor participation.
According to exchange data, the non-retail portion of the OFS received bids for 11,73,76,058 shares against the reserved quota of 3,15,79,200 shares, translating into a subscription of 3.72 times.
The indicative price discovered during the bidding process stood at ₹352.92 per share.
Following the strong response, GIC informed the stock exchanges that the promoter intends to exercise the over-subscription option for 5,26,32,000 equity shares.
The government initially launched the OFS to divest a 2% stake in GIC at a floor price of ₹352 per share, with a greenshoe option to sell an additional 3% stake.
With the full exercise of the greenshoe option, the government plans to divest up to a 5% stake in the company. If the entire offer is subscribed, the transaction is expected to mobilise more than ₹3,000 crore.
The OFS opened for non-retail investors on June 16, while retail investors and eligible employees were allowed to bid on June 17.
The government decided to invoke the greenshoe option after witnessing strong investor demand in the non-retail category.
The greenshoe option enables the seller to offer additional shares beyond the base issue size when investor demand exceeds the initially planned offer.
According to the shareholding pattern for the quarter ended March 2026, the government held an 82.4% stake in GIC, while retail and non-retail investors held 1.4% and 0.14%, respectively.
GIC's Offer for Sale received strong demand from non-retail investors, leading the government to exercise the greenshoe option and expand the issue size. The retail portion of the OFS opened on June 17, while market participants continue to monitor the progress of the stake sale and its impact on the company's shareholding structure.
Investors interested in participating in OFS issues can open a trading and demat account to invest in such offerings and trade seamlessly in the stock market.
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Published on: Jun 17, 2026, 12:12 PM IST
Rakesh Deshmukh
Rakesh Deshmukh is a financial content specialist with around 3 years of experience writing impactful content across equities, mutual funds, IPOs, and personal finance. At Angel One, he decodes real-time market trends and breaking news, helping investors and traders stay updated. He also helps investors make informed decisions by simplifying market fundamentals and technical analysis. He holds a bachelor’s degree in commerce.
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