India's largest non-life insurer --the New India Assurance, which is wholly-owned by the government-- has announced that it is offering 120 million equity shares to raise up to INR96 billion (US$1.48 billion).
The offer is set within a price range of INR770–800 per equity share with a face value of INR5 each. The retail discount could be INR30 per equity share.
The initial public offer opens today and will close on 3 November.
Ranked as India's top general insurer in terms of premium, profit, market share and distribution network, New India has operations in 28 countries.
HDFC Standard Life Insurance
Separately, HDFC Standard Life Insurance plans to open its INR87-billion IPO on 7 November. The IPO price range is INR275-290 per share.
The issue consists of an offer for sale of around 299.8 million shares with 191.2 million shares to be divested by Housing Development Finance Corporation (HDFC) and the other 108.6 million shares by Standard Life. HDFC's post-IPO stake in the life venture will be 51.69%, down from 61.21% currently. Standard life's current 34.75% holding will be reduced to 29.35% post-issue.
The IPO will close on 9 November and the insurer's shares will make their trading debut on 17 November.
HDFC Standard Life had a network of 414 branches across India at 30 September, supported by a workforce of more than 16,500 full-time employees.