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New India Assurance shares slide on market debut after $1.5 billion IPO

Reuters  |  MUMBAI 

By Devidutta Tripathy and Swati BhatMUMBAI (Reuters) - New India Assurance Co Ltd's shares tumbled 9 percent in their trading debut on Monday after a $1.5 billion initial public offering (IPO), casting a shadow over the government's plans to list three other state-run insurers.The IPO of the country's top non-life insurer by premium income raised about 96 billion rupees ($1.47 billion) for the company and the government, which fully owned New India before the offering. But with a price far above a comparable offering this year, subscriptions reached just 1.2 times the shares on offer, ...

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First Published: Mon, November 13 2017. 16:23 IST