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The Rs 9,600-crore initial public offering (IPO) of New India Assurance was subscribed 1.1 times on Thursday, a day before its close. The issue was subscribed 1.04 times a day prior and saw only a few incremental bids on its second day. Bulks of the bids have come from LIC.
Typically, most the bids in an IPO come on the last day. New India’s IPO comprises stake sale worth Rs 7,680 crore by the government and fresh equity issuance worth Rs 1,920 crore by the company. The fresh IPO proceeds will be used by the country’s largest general insurance
Typically, most the bids in an IPO come on the last day. New India’s IPO comprises stake sale worth Rs 7,680 crore by the government and fresh equity issuance worth Rs 1,920 crore by the company. The fresh IPO proceeds will be used by the country’s largest general insurance
