India’s state-owned reinsurer General Insurance Corp (GIC Re) has filed for an initial public offering (IPO) which could raise more than $1 billion, the Reuters news agency has reported.

The filing of the IPO forms part of the government’s plans to list five non-life insurers in which it holds stakes and come amid a surge in IPOs in India.

A total of 124.7 million shares will be sold, 14.22% of the company’s post-issue share capital, which will be compromised of 107.5 million shares in GIC Re's IPO and the insurer will sell 17.2 million new shares.

The money raised through the selling of shares will help the government meet its fiscal deficit target of 3.2% of gross domestic product for the year.

GIC Re’s IPO is currently being managed by Axis Capital, Citi, Deutsche Bank, HSBC and Kotak Investment Banking.