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New India Assurance falls on trading debut after $1.5 billion IPO

Reuters  |  MUMBAI 

By Devidutta Tripathy and Swati BhatMUMBAI (Reuters) - New India Assurance Co Ltd shares fell as much as 10 percent on their Monday trading debut after a $1.5 billion initial public offering (IPO), as market participants baulked over the high valuation of the country's top non-life insurer.The IPO raised about 96 billion rupees ($1.47 billion) for the state-run insurer and government, which fully owned New India before the IPO. But with a price far above a comparable offering this year, subscriptions reached just 1.2 times the shares on offer, indicating low demand.India is enjoying a record ...

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First Published: Mon, November 13 2017. 13:13 IST