New India Assurance's Rs 9,600-cr IPO price band set at Rs 770-800

This will be the fourth-largest IPO ever in the history of Indian markets

New India Assurance, country's largest general insurance company, will launch its Rs 9,600-crore initial public offering (IPO) on November 1. The price band for the issue has been fixed at Rs 770 to Rs 800.

This will be the fourth-largest IPO ever in the history of Indian capital markets after Coal India, Reliance Power and General Insurance Corporation (GIC Re).

The issue comprises of a fresh issue of Rs 1,920 crore and an offer for sale (OFS) of Rs 7,680 crore by the government of India. Retail investors are being offered a discount of Rs 30 per share (3.7 per