New India announces launching of IPO

MUSCAT: New India Assurance Co has announced launching of its initial public offering. The net offer is for 120,000,000 equity shares. The price band is Rs 770-800 per equity share of face value at Rs 5 each. The retail discount could be Rs 30 per equity share.

The floor price is 154 times of face value of equity price and cap price is 160 times that of equity share.

The bid can be made for minimum lot of 18 shares and a in multiples of 18 thereafter. The bid/ offer opens on November 1, 2017 and closes on November 3, 2017.

The lead managers for the offer are Kotak Investment Bank, Axis Capital, IDFC Bank, Nomura FA and Securities and YES Securities.

New India is multinational general insurance company with operations in 28 countries including GCC, UK, Japan, Australia, New Zealand and Hong Kong.

New India is the only direct insurer in India with A-excellent rating from AM Best. It is the market leader in India for the last 44 years and presently there are 31 general insurance players operating in India.

New India is the No 1 general insurer in India in terms of premium, profit, market share and distribution network. It has the highest claim settlement ratio and second lowest claim repudiation ratio. Its solvency margin is 2.27 which indicate its strong financial strength.