 "G Srinivasan, CMD, The New India Assurance Company Limited during the IPO Press Conference in Mumbai. (Photo: Kamlesh Pednekar)")
The Rs 9,600-crore initial public offering (IPO) of The New India Assurance Company got lukewarm investor response, with shares meant for retail and high net-worth individuals (HNIs) remaining undersubscribed. The IPO garnered just 1.2 times subscription, with qualified institutional buyers (QIB) investor category getting 2.4 times subscription, while retail and HNI segment getting only 12 per cent and 11 per cent subscription, respectively.
Within the QIB category, a bulk of the bids came from state-owned insurance giant Life Insurance Corporation (LIC). According to investment banking sources, LIC placed bids through multiple brokers worth between Rs 8,000 crore and Rs 9,000 crore. The
