MUMBAI, Nov 13 (Reuters) - State-run New India Assurance Co Ltd’s shares fell as much as 10 percent on their trading debut on Monday, following an initial public offering (IPO) that saw the government and company raise a combined 96 billion rupees ($1.47 billion).
Analysts had expected a weak opening for the top Indian non-life insurer as demand for the issue was only 1.2 times the number of shares on offer, indicating relatively low interest in what has been a record year for IPOs in the country.
By 0430 GMT, New India Assurance shares were trading down 9.4 percent at 724.85 rupees compared with an IPO issue price of 800 rupees. The benchmark Nifty 50 share price index was down 0.3 percent. ($1 = 65.2850 Indian rupees) (Reporting by Devidutta Tripathy and Swati Bhat Editing by Christopher Cushing)