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New India Assurance IPO Gets SEBI Approval

New India Assurance IPO Gets SEBI Approval:

New India Assurance Company Ltd (NIA) has received SEBI approval to float initial public offer (IPO), as per the latest update by the capital markets regulator.

The country’s largest non-life insurer had filed draft prospectus with SEBI in August and received ‘observations’ from it on September 15 that are necessary for an IPO.

According to the draft papers, the government will be selling 9.6 crore shares, whereas the company itself will be selling 2.4 crore shares through the IPO.

Thus a total of 12 crore shares of the non-life insurer would be sold through the share sale offer, constituting around 14.56 per cent of the company’s post issue share capital.

The size of the forthcoming IPO of New India is likely to be over 6500 crore, as per merchant banking sources.

Axis Capital, Yes Bank, Nomura, IDFC Bank and Kotak are managing the company’s IPO.

The public sector insurer is expected to hit the market in the current financial year to help the government meet its ambitious disinvestment target of Rs 72,500 crore.

Market Update:

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ICICI Lombard General Insurance Company IPO is going to be active in market from September 15, 2017 – September 19, 2017. ICICI Lombard IPO Grey Market Premium (GMP) is trading between Rs 14 – Rs 16 per equity share.

SBI Life Insurance Company Ltd IPO bidding going to start from September 20, 2017 – September 22, 2017. While SBI Life Insurance IPO Grey Market Premium (GMP) is trading between Rs 23 – Rs 25 per equity share.

Prataap Snacks Ltd IPO (PSL IPO) is going to be active in market from September 22, 2017 – September 26, 2017. Prataap Snacks Ltd (PSL) IPO Grey Market Premium (GMP) is trading between Rs 410 – Rs 430 per equity share.

Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insuranceSBI life insurance IPO etc.

Keep watching this blog to keep yourself updated with all the news.

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