New India Assurance Shares Fall 10% On Trading Debut

New India Assurance Shares Fall 10% On Trading Debut”

The public issue of the company, which closed on November 3, was subscribed 1.19 times, with only the portion reserved for institutional investors getting oversubscribed.

Meanwhile, the S&P BSE Sensex dropped 281 points or 0.84% to settle at 33,033.56.

On the BSE, the shares of New India Assurance made their debut at ₹748.90, lower than the issue price of ₹800.

The scrip opened at Rs 748.9 and has touched a high and low of Rs 749 and Rs 717.75 respectively.

New India's IPO was the second-biggest in the country this year after state-run General Insurance Corp's initial share sale raised $1.7 billion. But high valuations, especially in some recent big IPOs from insurers, have dampened post-listing share price gains.

The quota set aside for qualified institutional buyers (QIBs) was subscribed 2.34 times, non-institutional investors (NIIs) 12 per cent and retail individual investors (RIIs) 11 per cent.

By 10 am, New India Assurance shares were trading down 9.4 per cent at Rs 724.85 compared with an IPO issue price of Rs 800.

The company reported consolidated net profit of Rs 505.53 crore on total income of Rs 6031.21 crore in Q1 June 2017.

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