The New India Assurance Company's initial public offering (IPO) received bids for 12.7 crore shares compared with 12 crore shares on offer, as at 16.30 IST, on the second day of the bidding for the IPO today, 2 November 2017, data on NSE showed. The IPO was subscribed 1.06 times. The price band for the issue has been fixed at Rs 770-800 per share. The issue opened yesterday, 1 November 2017 and closes tomorrow, 3 November 2017.

The IPO of The New India Assurance Company comprises of total issue of up to 12 crore shares consisting a fresh issue of up to 2.4 crore shares and an offer for sale (OFS) of up to 9.6 crore shares by the Government of India. The offer includes reservation of up to Rs 0.36 crore for eligible employees.

The net proceeds from the fresh issue will be used to augmenting the capital base to support the future growth of business and to maintain the current solvency levels.

The company reported consolidated net profit of Rs 510.36 crore on total income of Rs 618.14 crore in Q1 June 2017.

The New India Assurance Company, a century old public sector general insurance company. The operations of the company are spread across 29 states and seven union territories in India and across 28 other countries globally through a number of international branches, agency offices and subsidiaries including a desk at Lloyd's, London.