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Nov 13, 2017 05:38 PM IST | Source: Moneycontrol.com

New Listing: New India Assurance closes 3% lower to listing price on Day 1

The company’s shares closed at Rs 725.05 apiece, down 3.18 percent to the listing price of Rs 748.90 apiece, on the BSE.

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After listing at a discount of over 6 percent, New India Assurance ended the session with cuts of over 3 percent to the listing price on Monday.

The company’s shares closed at Rs 725.05 apiece, down 3.18 percent to the listing price of Rs 748.90 apiece, on the BSE.

The new entrant’s initial public offering (IPO), which sought to raise Rs 9,600 crore, was oversubscribed around 1.19 times. The price band was Rs 770-800 per share.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.34 times, non-institutional investors 12 percent and retail investors 11 percent, according to data available with the NSE.

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