Day 3 Subscription (As of 4 p.m.)
- Qualified institutional buyers: 2.34 times
- Non-institutional bidders: 0.12 times
- Retail investors: 0.10 times
- Employees: 0.18 times
- Overall: 1.19 times
Century-old insurer New India Assurance Company Ltd.'s Rs 9,600-crore initial public offering was subscribed 1.19 times on the final day of bidding.
The segment reserved for qualified institutional bidders was subscribed 2.34 times, as of 4 pm, according to data shared by Axis Capital. Shares allotted to retail investors saw muted demand with the portion subscribed just 0.10 times while the segment reserved for non-institutional bidders was subscribed 0.12 times the number of shares on offer. The portion served for employees saw a subscription of 0.18 times.
The demand for the public offer has fizzled after it was subscribed 1.04 times the day the offer was launched.
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.
New India Assurance was the largest general insurance company by net worth, domestic gross direct premium, profit after tax and distribution network in the year ended March, according to a Crisil Report.
India's largest general insurer sold shares at Rs 770-800 apiece via the IPO, valuing the company at up to Rs 65,920 crore. This will be 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
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