New India Insurance Company Limited which had tapped the capital markets with its fresh issue of 2.4 cr shares and an offer for sale of 9.6 cr shares was fully subscribed. The price band was Rs 770-800 with a discount of Rs 30 for retail shareholders and eligible employees.
The overall issue was subscribed 1.19 times with the bulk of the response coming from QIB’s. LIC OF INDIA was a big subscriber and helped in getting the issue through. Retail and HNI’s were wary of subscribing on the back of a poor listing of GIC RE a little over a week ago.

While QIB portion was subscribed 2.34 times, HNI portion was undersubscribed at 0.12 times and retail at 0.11 times. The employee quota was also undersubscribed at 0.21 times. With very little HNI and retail subscription, one is unlikely to see any sort of selling pressure in the stock on listing. Certainly people would like to short the share on listing expecting to make a quick buck, but that could be dangerous as institutions alone hold the shares.

Full details of the subscription bucket wise are given below:-