New India Assurance Files Prospectus for IPO:
New India Assurance Co. Ltd (NIA) on Wednesday filed the draft red herring prospectus (DRHP) for its initial public offering (IPO).
The share sale will see a total stake dilution of 14.56%, according to the DRHP available on the website of one of the investment banks managing the share sale.
NIA has hired Kotak Mahindra Capital Co. Ltd, Axis Capital Ltd, IDFC Bank Ltd, Nomura Financial Advisory and Securities (India) Pvt. Ltd and YES Securities (India) Ltd to manage the public offering.
The government will sell 96 million shares in the offering, while the company will issue 24 million new shares to raise primary capital.
The government is likely to raise around Rs 7,000 crore from the stake sale. Including the new share sale component, the overall size of the issue is expected to be around to Rs 10,000 crore.
NIA plans to use the primary capital raised to augment its capital base to support growth of its business and maintain solvency levels.
According to its draft papers, NIA has issued 27.10 million policies across all its product segments as of 30 June. Its gross written premium expanded at a compounded annual growth rate of 15.18% from Rs 13,200 crore in fiscal 2013 to Rs 23,230 crore in fiscal 2017.
If You Want to Reduce Your Brokerage By More Than 80% Just Get More Information Here: Save More Than 80% Brokerage.
Au Financiers Ltd (AUFL) IPO also able to list successfully and gave its investors over 51% listing gains.
While Salasar Techno Engineering Ltd IPO (STEL IPO) lists at over 150% gain on first day itself.
Security and Intelligence Services Ltd IPO (SIS IPO) lists at discount.While Cochin Shipyard Ltd IPO (CSL IPO) lists at good premium.
Now Apex Frozen Foods Ltd IPO (AFFL IPO) bidding is going to be active from August 22, 2017 – August 24, 2017. While Apex Frozen Foods Ltd IPO (AFFL IPO) Grey Market Premium (GMP) is still now active.
Some SME IPO will also be active in market in coming week.
Keep watching this blog to keep yourself updated with all the news.
If you want all updates delivered to your email box just subscribe for the updates. We also hate spam so we are not going to share your details with anyone. So Just Subscribe and forget the tension of tracking the IPO’s. We will do it for you.
If you like to have a Chance to Win a Smart Phone just Like and share us.