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Nov 03, 2017 09:35 PM IST | Source: PTI

New India IPO over-subscribed 1.19 times

The Rs 9,600-crore IPO, received bids for 14,33,33,730 shares against the total issue size of 12,00,00,000 shares, NSE data till 1945 hrs showed.

IPO - NewsThe initial public offer (IPO) of New India Assurance Company (NIA) was over-subscribed 1.19 times on the closing day of bidding today.

The Rs 9,600-crore IPO, received bids for 14,33,33,730 shares against the total issue size of 12,00,00,000 shares, NSE data till 1945 hrs showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.34 times, non institutional investors 12 percent and retail investors 11 percent, merchant banking sources said.

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

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

At the upper end of the price band, the IPO will fetch Rs 9,600 crore.

New India Assurance, the country's largest general insurance company, has assets of over Rs 69,000 crore and has been growing at CAGR of over 15 percent for the last five years.

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.
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