New India Assurance IPO Fully Subscribed On Day 1

Day 1 Subscription (As of 5 p.m.)

New India Assurance Company Ltd.'s Rs 9,600 crore initial public offering was subscribed 1.04 times on the first day of bidding led by strong demand from institutional investors.

The portion reserved for qualified institutional buyers was subscribed 2.13 times the number of shares on offer, according to data provided by Axis Capital as of 5 p.m. Demand from retail and high networth individuals remained muted with the portion subscribed just 0.02 times each on Wednesday.

The country's largest general insurer will use the proceeds from the share sale to increase its capital base to support growth. It will also increase the scale of their business.

It is the second-largest IPO this year after General Insurance Corporation of India Ltd. raised Rs 11,372 crore.

Also Read: New India Assurance IPO: Here’s What You Need To Know