Mumbai: The country's largest general insurance firm New India Assurance Company, which recently concluded its initial public offer, debuted bears on the bourses on Monday.
NIA shares opened at Rs 750, a discount of Rs 50 or 6.25 percent, compared to the issue price of Rs 800. The price band was Rs 770-800 per share. At 11 am, the scrip was trading at Rs 737.30 on the BSE, down 7.84% from its issue price.
The Rs 9,600-crore IPO of the firm was oversubscribed 1.19 times during November 1-3.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.34 times, non-institutional investors 12 percent and retail investors 11 percent, according to data available with the NSE.
The price band for the offer was set at Rs 770-800 per equity share.
Kotak Mahindra Capital Company, Axis Capital, Nomura Financial Advisory and Securities (India) Private Limited, IDFC Bank Limited and YES Securities were the books running lead managers to the offer.
New India Assurance has assets of over Rs 69,000 crore and has been growing at CAGR of over 15 percent for the last five years.
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