Price Band for the Issue is Rs. 770 to Rs. 800 per share and application can be made in the bid lot size of 18 shares in multiples of 18 thereof. There is a discount of Rs 30 for the retail investors and the employees of the Company….reports Asian Lite News
New India Assurance (NIA), the largest general insurance company in India, will be in the capital markets next week with around Rs. 10,000 crore IPO.
New India Assurance has received all the relevant regulatory approvals and has now launched its IPO. The Issue is scheduled to run from Nov 1 to Nov 3, 2017. Price Band for the Issue is Rs. 770 to Rs. 800 per share and application can be made in the bid lot size of 18 shares in multiples of 18 thereof. There is a discount of Rs 30 for the retail investors and the employees of the Company.
The IPO of the insurance multinational having operations in 28 countries will be completed in the first week of November. 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. New India Assurance has assets of over Rs. 69,000 crore and solvency of 2.27 despite growing at CAGR of over 15 per cent for last five years. NIA’s networth, including fair value of investments, increased to over Rs. 38,100 crore as of June-end. Its market value of investments stood at Rs. 63,100 crore at the end of June quarter of the current fiscal.
The company, which will be celebrating its ‘centenary year’ in 2018, has a rich legacy and sustained its market leadership despite 31 players being there in the industry. New India is the country’s only direct insurer with an international ‘A’ rating and has operations through a desk at Lloyd’s, the world’s largest specialist insurer.
NIA has a sustained market leadership despite 31 players in the industry. In fact market share has increased in the last five years. Top business houses are our customers for a long time. Number one Company in India in terms of premium, profits, market share, distribution network.
Other credits of NIA are: Only Indian direct insurer with an international “A” rating; Highest claims settlement ratio and second lowest claims repudiation ratio among Top 10 insurers of the country.