New Delhi: Shares of New India Assurance Company made a sluggish debut at bourses on Monday, falling over 6 per cent against the issue price of Rs 800.
The stock listed at Rs 748.90, down 6.38 per cent, compared to the issue price on the BSE. At the NSE, shares of the company debuted at Rs 750, a loss of 6.25 per cent from the issue price.
In terms of equity volume, 3.14 lakh shares of the company were traded on the BSE and over 19 lakh shares changed hands at the NSE during the morning trade.
The Rs 9,600-crore IPO was oversubscribed 1.19 times during November 1-3.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.34 times, non-institutional investors 12 per cent and retail investors 11 per cent, according to data available with the NSE. The price band for the offer was set at Rs 770-800 per share.
Kotak Mahindra Capital Company, Axis Capital, Nomura Financial Advisory and Securities (India) Private, IDFC Bank and YES Securities were the book running lead managers to the offer.
New India Assurance has assets of over Rs 69,000 crore and has been growing at a CAGR of over 15 per cent for the last five years.
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