New Checklist: New India Assurance Debuts At Rs 750, A Discount Of Over 6%

The new entrant’s Initial Public Offering (IPO), which sought to lift Rs 9,600 crore, used to be oversubscribed round 1.19 times. The associated price band used to be Rs 770-800 per share.

Shares of New India Assurance listed at Rs 750, a discount of Rs 50 or 6.25 percent, on the exchanges on Monday.

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

The component put aside for qualified institutional buyers (QIBs) was oversubscribed 2.34 times, non-institutional investors 12 percent and retail buyers 11 %, in keeping with data to be had with the NSE.

Kotak Mahindra Capital company, Axis Capital, Nomura financial Advisory and Securities (India) private limited, IDFC  bank limited and YES Securities had been the books running lead managers to the offer.

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