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

Reuters  |  MUMBAI 

MUMBAI (Reuters) - State-run New India Assurance Co Ltd's shares fell as much as 10 percent on their trading debut on Monday after a $1.5 billion initial public offering (IPO), as market participants baulked over the insurer's high valuation.The IPO of the country's biggest non-life insurer by premiums, which saw the government and company raise a combined 96 billion rupees ($1.47 billion), was subscribed 1.2 times the number of shares on offer, indicating low demand compared with other Indian IPOs this year.India has been enjoying a record year for IPOs with fund-raising so far crossing $11 ...

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First Published: Mon, November 13 2017. 11:03 IST