New India to raise ₹6000 via IPO


New India's offer is being made through the book building process and not more than 50 per cent offer will be allotted on a proportionate basis to Qualified Institutional Buyers (QIBs).

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, as per the filing of the company.

The face value of company's each share is Rs 5 and both the premium and the total issue size will be decided at a later date with the consultation of the government. General insurer ICICI Lombard Insurance has also filed for an IPO.

NIA's initial share sale is part of the Union government's divestment plan, under which the department of investment and public asset management has appointed bankers to sell government stakes across over a dozen public sector enterprises through various routes such as IPOs, offers for sale and strategic sales.

"We have filed DRHP for the company's forthcoming IPO with Sebi today", a senior official of the company told PTI. Analysts are valuing the company at around Rs 70,000 crore, given its net worth of close to Rs 36,000 crore.

In January this year, the Union cabinet had approved the listing of general insurance companies on stock markets.The government now holds 100 per cent in five public sector insurers -New India Assurance, National Insurance, United Insurance, Oriental Insurance and reinsurance company General Insurance Corporation.

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Authorised share capital of the company stood at Rs 300 crore and the paid-up share capital at Rs 200 crore as on March-end.

The insurer, with 16 per cent market share, had a domestic premium income of Rs 19,115 crore, a growth of 27.17 per cent from Rs 15,115 crore a year ago.

The company reported a net profit of Rs 1,008 crore in FY17.

NIA is the only Indian general insurer that has a large scale global operations. Ltd, Axis Capital Ltd, IDFC Bank Ltd, Nomura Financial Advisory and Securities (India) Pvt.

However, it continued to see underwriting losses in health, motor, crop insurance and fire insurance segment.