Shares of New India Assurance and IFCI surged as much as 9% during the trading session on Thursday, September 17 as initial public offering of National Stock Exchange opens today.
New India Assurance Company shares advanced over 9% intraday to Rs 201.24 on the NSE. The scrip was trading 6.87% higher at Rs 196.85, while the benchmark Nifty 50 was up 0.35% by 2:55 pm.
The company holds a 1.42% stake in NSE and it is offloading 1.05 crore shares in the ongoing IPO, according to the exchange's Red Herring Prospectus. Shares surged as investors focus on potential value likely to be unlocked through the public issue.
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IFCI share price jumped nearly 8% to Rs 80.97 on NSE. The stock was trading 2.64% up at Rs 77.04 by 3:06 pm. Shares have rallied as the firm is promoter of Stock Holding Corporation of India Limited (SHCIL), which is selling around 61.8 lakh shares in NSE IPO.
NSE IPO commenced on September 17 and will conclude on September 21. The IPO price band has been set at Rs 1,700 to Rs 1,785 per share, and the IPO lot size is 8 shares.
The Rs 22,568.94 crore worth NSE IPO is entirely an offer for sale (OFS) of 12.64 crore equity shares by existing shareholders, with no fresh issue of shares.
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