Mumbai : New India Assurance (NIA), the largest general insurance company in the country, is set to hit the capital markets with around Rs 10,000 crore IPO in the first week of November. The offer comes soon after the Rs 11,370 crore IPO of GIC Re, which will be listed on October 25. It has already been oversubscribed by over 1.35 times. The street has seen a couple of more IPOs in last one and half months, which include ICICI Lombard and SBI Life.
The IPO of the insurance multinational having operations in 28 countries will be completed in the first week of November, government sources told PTI.
The exact amount and pricing for the IPO will be announced by the company early this week. Recently, the company’s top management had completed the overseas road shows and had seen robust response for the issue. Earlier, the company had appointed five merchant bankers — Kotak, Axis Bank, Nomura, IDFC and Yes Bank for the IPO.
The company, which is targeting Rs 26,000 crore premium in the current fiscal, is the largest general insurer in terms of premium, profits, market share and distribution network. NIA’s net worth is at Rs 38,100 crore as of June-end.
