India’s largest general insurance company, The New India Assurance (NIA) Co. Ltd. is all set to launch its IPO this November. The IPO is valued at approximately Rs.10,000 crore, with around 12 crore shares to be sold to the public.
New India Assurance has received notes from the Securities and Exchange Board of India (SEBI) following the filing of the draft prospectus in August.
NIA will announce the cost of each share in the coming days.
Five financial institutions, namely, Axis Bank, Kotak, DFC, Yes Bank, and Nomura will handle the IPO for the company.
With operations in 28 countries, NIA has assets worth Rs.69,000 crore, having seen a CAGR in excess of 15 per cent over the last 5 years. It has a net worth of Rs.38,100 crore(as of June 2017), with investments to the tune of Rs.63,100 crore. It has a ‘AAA’ rating from CRISIL, indicating its stability.
The company will be buoyed by the success of General Insurance Corp’s IPO, which has been oversubscribed by 135 per cent. General Insurance Corp will list its IPO this week.
NIA has spent considerable effort in ramping up its international presence, with top officials participating in road shows to promote the IPO.
In addition to the IPO from NIA, insurance companies like HDFC Life, National Insurance Company, and Reliance General will also launch their IPOs this year.