New India Assurance May Launch Its IPO By September 2017:
State-owned General Insurance Company (GIC) New India Assurance (NIA) is planning to launch an initial public offer (IPO) by September. With a book value of over Rs 50,000 crore, New India Assurance’s IPO would be the first ever public offering by any non-life insurance company.
In a Interview, G Srinivasan, Chairman & Managing Director, New India Assurance said: “The government has announced the intention of listing the public sector general insurance companies and we are doing the necessary ground work, it might take another 6-8 months.”
K Sanat Kumar, chairman & managing director of National Insurance said that the company will list once it meets all the regulatory requirements.
This is likely to happen in first half of FY18. The insurance industry is expected to grow at 20 percent plus mark for the next decade.
“What we are seeing is that the market is growing in a very big way and general insurance industries is recording its highest growth it ever recorded in its history,” said Srinivasan.
While the insurer has already received a nod from the Finance Ministry for the share sale, the company will soon start the process of appointing investment bankers for the issue. According to sources, size of the IPO could be in the range of Rs 5,000 – Rs 6,000 crore.
In January, the Union Cabinet cleared the proposal to list five of the state-owned non-life insurance players including New India Assurance, National Insurance, Oriental Insurance and United India.
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