The initial public offering (IPO) of state-owned New India Assurance Co. Ltd (NIA) was fully subscribed on the back of a $1 billion (approximately Rs6,500 crore) bid by Life Insurance Corp. of India (LIC), said three people aware of the development. NIA is the fourth public sector undertaking IPO this year.
Apart from GIC Re, which went public in October, Housing and Urban Development Corp. Ltd and shipbuilder Cochin Shipyard Ltd are the other state-owned companies that went public this year, as part of the disinvestment plans.
