India'a largest general insurance company New India Assurance will hit the capital markets on Nov. 1 to raise an estimated Rs 10,000 crore through an initial public offering, merchant bankers privy to the development said. The company's share sale will close on Nov. 3, it said.
Thus, a total of 12 crore shares of the non-life insurer would be sold through the share sale offer, constituting around 14.56 per cent of the company's post issue share capital. The exact amount and pricing for the IPO will be announced by the company on Wednesday.
New India Assurance is expected to list on the stock exchanges on Nov. 13, the merchant bankers quoted above said. Recently, the company's top management had completed the overseas road shows and seen robust response for the issue.
Axis Capital, Yes Securities, Nomura Financial Advisory and Securities (India) Pvt. Ltd, IDFC Bank and Kotak Mahindra Capital Company are managing New India Assurance's IPO.
Also Read: Banks Reap A Windfall In Insurance Arm IPOs
Currently, ICICI Prudential Life Insurance and SBI Life Insurance Company Ltd. are the only listed insurers in the country.
General Insurance Corporation of India Ltd., which recently concluded its Rs Rs 11,370 crore IPO, will list on the exchanges tomorrow. Some of the other insurers' public issues, which are likely to hit the street in near future, include HDFC Life, Reliance General and National Insurance Company.
Also Read: India Poised for IPO Record as Insurers Rush New Deals to Market
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