Moneycontrol
you are here: HomeNewsBusinessIPO
Nov 03, 2017 05:31 PM IST | Source: Moneycontrol.com

IPO Update: New India Assurance oversubscribed 1.19 times on Day 3 so far

The company received bids for 14.31 crore shares against an issue size of 12.87 crore shares, data available with the NSE as of 5:15 pm showed.

Moneycontrol News @moneycontrolcom

New India Assurance’s initial public offering (IPO) was subscribed 1.19 times so far on the last day of issue.

The company received bids for 14.31 crore shares against an issue size of 12.87 crore shares, data available with the NSE as of 5:15 pm showed. The insurer plans to raise Rs 9,600 through the primary market.

Among specifics, qualified institutional buyers (QIBs) category was subscribed 2.33 times, non-institutional investors 11.42 percent and retail investors 11.36 percent.

The IPO comprises sale of 9.6 crore shares by the government, besides fresh issue of 2.4 crore shares. Thus, a total of 12 crore shares is being sold through the share sale offer, constituting around 14.56 per cent of the company's post issue share capital.

The IPO's price band has been set at Rs 770-800 per equity share.

Kotak Mahindra Capital Company, Axis Capital, Nomura Financial Advisory and Securities (India) Private Limited, IDFC Bank Limited and YES Securities are the book running lead managers to the offer.

(With inputs from PTI)
Sections
Follow us on
Available On