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New India Assurance shares fall on trading debut after $1.5 billion IPO

Reuters  |  MUMBAI 

(Reuters) - State-run Assurance Co Ltd's fell as much as 10 percent on their trading debut on Monday, following an initial public offering (IPO) that saw the and company raise a combined 96 billion rupees ($1.47 billion).

Analysts had expected a weak opening for the top Indian non-life insurer as demand for the issue was only 1.2 times the number of on offer, indicating relatively low interest in what has been a record year for IPOs in the country.

By 0430 GMT, Assurance were trading down 9.4 percent at 724.85 rupees compared with an IPO issue price of 800 rupees. The benchmark Nifty 50 share price index <.NSEI> was down 0.3 percent.

($1 = 65.2850 Indian rupees)

(Reporting by Devidutta Tripathy and Swati BhatEditing by Christopher Cushing)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 13 2017. 10:21 IST