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New India Assurance has started the initial steps for IPO

New India Assurance has started the initial steps for IPO:

As informed the investors before also that State-owned New India Assurance can come up with their IPO soon, now in a latest interview with ET now its CMD G Srinivasan, has confirmed the same.

G Srivasan, told “We have the started the initial steps for the listing process, so there is an approval which is expected from the cabinet very shortly.”

New India Assurance has not yet gone for a valuation. But insiders feel it should be close to Rs 50,000 crore. New India Assurance has a premium income of Rs 18,371 crore, more than double of ICICI Lombard’s Rs 8,307 crore. Moreover, the company had assets of Rs 62,880 crore as on March 2016.

When asked for timeline of the IPO G Srivasan, replied “Actually our target is to bring this process to a close before end of 2016-2017, but these are decisions which have to be taken considering the market situation at that point of time.”

He also told that New India Assurance is looking to close this year close to Rs 21,000 crore while last year business was Rs 18,730 crore. So they are looking for 16% growth year on year basis.

Market Update:

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L&T Technology IPO bidding has close on September 15, 2016 successfully. Now L&T Technology IPO Allotment and Listing will be in process.

GNA Axles Ltd IPO bidding also going to start from September 14, 2016 – September 16, 2016.

After that ICICI Prudential Life Insurance IPO will open on September 19,2016 and will close on September 21, 2016.

One more main stream IPO, HPL Electric & Power Ltd IPO will open September 22,2016 and will close on September 26, 2016.

2 NSE SME IPO that is Crown Lifters Ltd IPO (CLL IPO) and Husys Consulting Ltd IPO (Husys Consulting IPO) bidding will start from September 9 – September 19.

1 BSE SME IPO, Radhika Jeweltech Ltd IPO (RJL IPO) is going to open from September 12, 2016 – September 20, 2016.

1 more NSE SME IPOAVSL Industries Ltd is going to launch from September 15, 2016 – September 28, 2016.

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

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Latest Grey Market Premium (GMP) of L&T Technology IPO (LTT IPO) is between Rs 5 – Rs 8 per equity share. While Current  Grey Market Premium (GMP) of ICICI Prudential Life Insurance IPO (ICICI Pru Life IPO) is between Rs 22 – Rs 25 per equity share.

GNA Axles Ltd IPO (GNA Axles IPO) Grey Market Premium (GMP) between Rs 40 – Rs 45 per equity share.

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