Moneycontrol
Nov 10, 2017 09:39 PM IST | Source: PTI

New India Assurance to make stock market debut on Monday

The country's largest general insurance firm New India Assurance Company, which recently concluded its initial public offer, will make its stock market debut on Monday.

The country's largest general insurance firm New India Assurance Company, which recently concluded its initial public offer, will make its stock market debut on Monday.

The Rs 9,600-crore IPO was oversubscribed 1.19 times during November 1-3.

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.

The price band for the offer was 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 were the books running lead managers to the offer.

New India Assurance has assets of over Rs 69,000 crore and has been growing at CAGR of over 15 percent for the last five years.
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