New India Assurance sets price range for up to $1.5 billion IPO

Mumbai: India’s state-run New India Assurance Co Ltd has set a price band of Rs 770 to Rs 800 a share for its initial public offering (IPO) opening on Nov 1, sources with direct knowledge of the deal told Reuters on Tuesday.

At the upper end of the price range, the IPO would raise Rs 9,600 crore or $1.48 billion. The sale will close on November 3, said the sources, declining to be identified as the details are not public.