New India Assurance Appoints 5 Bankers For IPO:
As told in last update that New India Assurance (NIA) is seeking bids from investment bankers. Now as per latest update New India Assurance has selected five investment bankers for its forthcoming initial public offering this year. The largest state-owned non-life insurer is looking at a combination of offer for sale of government’s shares and issue of fresh equity. The merchant bankers for the issue are Kotak, Axis Bank, Nomura, IDFC and Yes Bank. The company has begun to prepare the offer document and will announce its financial results in a few days.
In a interview, New India Assurance chairman G Srinivasan said that the minimum float in an IPO is around 10% while the maximum is 25%, though the extent of dilution is yet to be decided. Given that the company has assets of over Rs 62,000 crore and is targeting global premium of over Rs 25,000 crore in FY18, industry insiders are expecting a float in excess of Rs 5,000 crore.
Responding to speculation of merger of government-owned non-life companies, Srinivasan said that there was no concrete move and there has been only unconfirmed news reports. “As far as we are concerned there is no such thing and we are going ahead (with the public issue) in our present structure,” said Srinivasan.
In January, the cabinet committee on economic affairs (CCEA) cleared the listing of five state-owned non-life insurance companies — New India Assurance, National Insurance, Oriental Insurance, United India Insurance and GIC Re. The committee also cleared reducing the government’s stake in them to 75% from 100%.
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Now Avenue Supermarts (Dmart) IPO Allotment and Listing also completed. And people made an awesome 100% profit on listing.
Now CL Educate (CLEL) IPO Allotment and Listing has completed. While now Shankara Building Products IPO Allotment and Listing also completed and it gave good 37.57% premium on first day itself. Now S Chand and Company Ltd IPO will open for bidding from April 26, 2017 – April 28, 2017. Next IPO can be Housing and Urban Development Corporation Ltd IPO (HUDCO) where its bidding is going to start from May 08, 2017.
S Chand IPO Grey Market Premium (S Chand GMP) started showing movement and currently trading at Rs 120 – Rs 123 per equity share. While HUDCO Grey Market Premium (GMP) also started showing movement and currently trading at Rs 23 – Rs 23.50 per equity share.
Next in the pipeline will be Central Depository Services Ltd IPO (CDSL IPO) and Continental Warehousing Corporation Ltd IPO (Nhava Seva IPO).
Some SME IPO will also be active in market in coming week.
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