New India Assurance IPO Details

Issue Open Nov 1, 2017
Issue Close Nov 3, 2017
IPO Price ₹800
Face Value ₹5
IPO Size ₹9,600.00 Cr
Listing At BSE, NSE
IPO Lot Size 18

THE NEW INDIA ASSURANCE COMPANY LIMITED

OurCompany was incorporated as 'The New India Assurance Company Limited' on July 23.1919 at Mumbai. Maharashtra. India as a limited company under the Indian Companies Act. Vll of 1913 with the Registrar of Companies. Maharashtra. Our Company obtained the certificate of commencement of business on October 14,1919. Pursuant to the 1973 Scheme. which came into force on January 1,1974, our Company was nationalized by the Gol. Our Company is registered with the Insurance Regulatory and Development Authority of India ("IRDA") for carrying out tha business of general insurance. For details, see "History and Certain Corporate Matters' on page 196 of the Prospectus dated November 6. 2017 ('Prospectus').

Registered and Corporate Office; New India Assurance Building, 87.M.G. Road, Fort. Mumbai 400 001. Maharashtra. India: Tel: +91 22 2270 8263 Fax: +91 22 22652811; Website: www.newindia.co.in; Contact Person: Ms JayashreeNair, Company Secretary and Chief Compliance Officer; E-mail; investors@newindia.co.in; Tel: +9122 2270 8100;
Fax: +9122 2270 8615; Corporate Identity Number; U99999MH1919GOI000526; IRDAI Registration Number; 190-. dated July 26,2017 (For details, see 'Goverment and Other Approvals' on page 532 of the Prospectus).

OUR PROMOTER: THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF FINANCE, GOVERNMENT OF INDIA

BASIS OF ALLOTMENT

Our Company has- filed the Prospectus with the Registrar of Companies, Mumbai and the Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading is expected to commence on or about November 13,20l7

INITIAL PUBLIC OFFERING OF 120.000.000 EQUITY SHARES OF FACE VALUE OF RS 5 EACH ("EQUITY SHARES") OF TH E NEW INDIA ASSURANCE COMPANY LIMITED ("ISSUER" OR "COMPANY") FOR CASH AT A PRICE OF RS 800* PER EQUITY SHARE INCLUDING ASHARE PREMIUM OF RS 795 PER EQUITY SHARE ("OFFER PRICE"). AGGREGATING UP TO RS 94,669,80 MILLION CONSISTING OF A FRESH ISSUE OF 24.000.000 EQUITY SHARES AGGREGATING RS 18,933.96 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 96.000.000 EQUITY SHARES AGGREGATING RS 75,735.84 MILLION ("OFFER FOR SALE" AND TOGETHER WITH THE FRESH ISSUE. THE "OFFER") BY THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF FINANCE. GOVERNMENT OF INDIA (THE "SELLING SHAREHOLDER"). THE OFFER AND THE NET OFFER SHALL CONSTITUTE 14.56% AND 14.13%, RESPECTIVELY OF THE POST-OFFER PAID- UP EQUITY SHARE CAPITAL OF OUR COMPANY.

THE OFFER INCLUDED A RESERVATION OF 3.600,000 EQUITY SHARES AGGREGATING RS 2,772 MILLION FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE OFFER WILL COMPRISE THE NET OFFER OF 116.400.000 EQUITY SHARES AND THE EMPLOYEE RESERVATION PORTION OF 3.600,000 EQUITY SHARES.

*A discount of Rs 30 on the Offer Price was offered to Retail Individual Investors ("Retail Discount") and to Eligible Employees. Bidding in the Employee Reservation Portion ("Employee Discount").

THE OFFER PRICE : RS 800 PER EQUITY SHARE OF FACE VALUE OF RS 5 EACH
THE OFFER PRICE IS 160 TIMES OF THE FACE VALUE

Risks to Investors:

i. The five Book Running Lead Managers ("'BRLMs") associated with the Offer have handled 49 public offers in the past three years, out nf which 13 offers- closed bslow the offer price on listing date.
ii, The Price/Earnings ratio based on diluted EPS for Fiscal 2017 as per Restated Consolidated Financial Statements for the Issuer at the upper end pf the price band is as high as 74.63, Compared to the industry peer group Price./Earnings ratio of 47.45*.

BID/OFFER PROGRAMME:
BID/OFFER OPENED ON NOVEMBER 1, 2017 | BID/OFFER CLOSED ON NOVEMBER 3,2017

In terms of Rule 19(2) (b) of the Securities Contracts (Regulation) Rules, 1957. as amended (the "SCRR"), the Offer was made for at least 10% of the post-Offer paid-up equity share capital of our Company. The Offer was made through the Book Building Process, in reliance of Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2009 ("SEBI ICDR Regulations"), wherein not more than 50% of the Net Offer was available on a proportionate basis to Qualified Institutional Buyers ("QIBs Portion'). Such numbers of Offered Shares representing 5% of the QIB Portion was available for allocation on a proportionate basis to Mutual Fund only, subject to vaild bids being received from them at or above the Offer Price. The remainder of the QIB Portion was available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation on a proportionate basis to Non-lnsfjlutional Bidders and not less than 35% of the Net Offer was available for allocation, in accordance with the SEBI ICDR Regulations, to Retail Individual Investors, subject to valid Bids being received from them at or above the Offer Price. Further, up to 3,600,000 Equity Shares were- offered for allocation and Allotment on a proportionate basis to the Eligible Employees Bidding in the Employee Reservation Portion, conditional upon valid Bids being received from them at or above the Offer Price.
All Bidders were required to mandatorily utilise the Applications Supported by Blocked Amount ("ASBA") process by providing the details of their respective bank accounts in which the corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks ("SCSBs"). For delails, see 'Offer Procedure' on page 565 of the Prospectus.
The Offer received 131,642 applications for 142.840.008 Equity Shares as per the bid book resulting in 1,1903 times subscription. The details of the applications received in tha Offer from Retail Individual Bidders. Non-Institutional Bidders, QIBs and Employee reservation portion are as under (before technical rejections):

Sr.
No.
Category No. of
Applications
No. of Equity
Shares applied
Equity Shares
Reserved as per
Prospectus
No. of times
Subscribed
Amount
(in Rs)
A Retait Individual Investors 123,714 4,330,008 40,740,000 0.1063 3,339,579,258.00
B Non Institutional Investors 148 1,945,260 17,450,000 0.1114 1,556,070,500.00
C Qualifies Institutional Buyers 55 135,867,960 58,200,000 2.3345 108,575,963,100.00
D Eligible Employee 7,725 696,780 3,600,000 0.1936 536,985,795.00
Total 131,642 142,840,008 120,000,000 1.1903 114,008,598,653.00

Final Demand
A summary of the final demand as per the BSE and the NSE as on the Btd/Offer Closing Date at different Bid prices is as under: (excluding duplicate bids)

Sr. No. Bid Price (Rs) Bids Quantity % To Total Cumulative Total Cumulative % of Total
1 770 5,713,002 3.90 5,713,002 3.90
2 771 3,582 0.00 5,716,584 3.90
3 772 2,232 0.00 5,718,816 3.90
4 773 594 0.00 5,719,410 3.90
5 774 1,008 0.00 5.720,418 3.90
6 775 1,626,984 1.11 7,347,402 5.01
7 776 396 0.00 7,347,798 5.01
8 777 1,602 0.00 7,349,400 5.01
9 778 756 0.00 7,350,156 5.02
10 779 576 0.00 7,350.732 5.02
11 780 31,770 0.02 7,382,502 5.04
12 781 954 0.00 7.383.456 5.04
13 782 342 0.00 7,383,798 5.04
14 783 180 0.00 7,383,978 5.04
15 784 108 0.00 7,384,086 5.04
16 785 13,428 0.01 7.397.514 5.05
17 786 774 0.00 7,398.288 5.05
18 787 198 0.00 7,398,486 5.05
19 788 252 0.00 7,398.738 5.05
20 789 684 0.00 7,399,422 5.05
21 790 37,008 0.03 7,436,430 5.07
22 791 324 0.00 7,436,754 5.07
23 792 792 0.00 7,437,546 5.08
24 793 630 0.00 7,438,176 5.08
25 794 396 0.00 7,438,572 5.08
26 795 1,577,088 1.08 9,015,660 6.15
27 796 324 0.00 9,015.984 6.15
28 797 306 0.00 9,016,290 6.15
29 798 4,374 0.00 9,020.664 6.16
30 799 4,644 0.00 9,025,308 6.16
31 800 133,164,180 90.87 142,189,488 97.02
32 9999 4,362,012 2.98 146,551,500 100.00
TOTAL 146,551,500 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on November 9,2017.
A. Allotment to Retail Individual Investors (After Technical Rejections] (Including ASBA Applications)
The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of Rs 800 per Equity Share (less discount of Rs 30), was finalized in consultation with the BSE. This category has been subscribed to the extent of 0.0999 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 4,070,430 Equity Shares to 116.614 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No of
Equity Shares
Allotted
18 88,010 75.47 1,584,180 38.92 18 1:1 1,584,180
36 12,064 10.35 434,304 10.67 36 1:1 434,304
54 4,643 3.98 250,722 6.16 54 1:1 250,722
72 2,191 1.88 157,752 3.88 72 1:1 157,752
90 1,981 1.70 178,290 4.38 90 1:1 178,290
108 1,240 1.06 133,920 3.29 108 1:1 133,920
126 1,112 0.95 140,112 3.44 126 1:1 140,112
144 438 0.38 63,072 1.55 144 1 1 63,072
162 144 0.12 23,328 0.57 162 1:1 23,328
180 787 0.67 141,660 3.48 180 1:1 141,660
198 220 0.19 43,560 1.07 198 1:1 43,560
216 205 0.18 44,280 1.09 216 1:1 44,280
234 1,481 1.27 346,554 8.51 234 1:1 346,554
252 2,098 1.80 528,696 12.99 252 1:1 528,696
TOTAL 116,614 100.00 4,070,430 100.00 4,070,430

Unsubscribed portion of 36,669,570 Equity shares spilled over to QIB Category.
B. Allotment to Non Institutional Investors (After Technical Rejections) (including ASBA Applicalions)
The Basis of Allotment to the Non-Institutional Bidders, who have bid at the Offer Price of Rs 800 per Equity Share or above, was finalized in consultation with the BSE. This category has been subscribed to the extent of 0.1109 times. The total number of Equity Shares allotted in this category is 1,935,630 Equity Shares to 127 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

Category No. of
Applications
Received
% to
Total
Total No. of 
Equity Shares
applied
% to
Total
No, of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
252 16 12.60 4,032 0.21 252 1:1 4,032
270 17 13.39 4,590 0.24 270 1:1 4,590
288 3 2.36 864 0.04 288 1:1 864
306 2 1.57 612 0.03 306 1:1 612
324 2 1.57 648 0.03 324 1:1 648
360 13 10.24 4,680 0.24 360 1:1 4,680
378 1 0 79 378 0.02 378 1:1 375
396 3 2.36 1,188 0.06 396 1:1 1,188
432 1 0.79 432 0.02 432 1:1 432
450 2 1.57 900 0.05 450 1:1 900
486 2 1.57 972 0.05 486 1:1 972
Category No. of
Applications
Received
% of
Total
Total No, of
Equity Shares
applied
%  to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
504 2 1.57 1,008 0.05 504 1:1 1,008
540 10 7.87 5,400 0.28 540 1:1 5,400
576 1 0,79 576 0.03 576 1:1 576
612 9 7.09 5,508 0.28 612 1:1 5,508
630 5 3.94 3,150 0.16 630 1:1 3,150
720 2 1.57 1,440 0.07 720 1:1 1,440
738 1 0.79 738 0.04 738 1:1 738
900 2 1.57 1,800 0.09 900 1:1 1,800
1,008 1 3.79 1,008 0.05 1,008 1:1 1,008
1,080 3 2.36 3,240 0.17 1,080 1:1 3,240
1,116 1 0.79 1,116 0.06 1,116 1:1 1,116
1,242 3 2.36 3,726 0.19 1,242 1:1 3,726
1,260 2 1.57 2.520 0.13 1,260 1:1 2,520
1,296 1 0.79 1,296 0.07 1,296 1:1 1,296
1,350 1 0.79 1,350 0.07 1,350 1:1 1,350
1,440 1 0.79 1,440 0.07 1,440 1:1 1,440
1,800 1 0.79 1,800 0.09 1,800 1:1 1,800
1,872 1 0.79 1,872 0.10 1,872 1:1 1,872
1,998 1 0.79 1,998 0.10 1,998 1:1 1,998
2,484 1 0.79 2,484 0.13 2,484 1:1 2,484
3,096 1 0.79 3,096 0.16 3,096 1:1 3,096
6,246 1 0.79 6,246 0.32 6,246 1:1 6,246
12,510 1 0.79 12,510 0.65 12,510 1:1 12,510
12,600 3 0.36 37,800 1.95 12,600 1:1 37,800
24,984 1 0.79 24,984 1.29 24,984 1:1 24,984
37,512 1 0.79 37,512 1.94 37,512 1:1 37,512
62,496 2 1.57 124,992 6.46 62,496 1:1 124,992
124,740 1 0.79 124,740 6.44 124,740 1:1 124,740
126,000 1 0.79 126,000 6.51 126,000 1:1 126,000
312,498 3 2.36 937,494 48.43 312,498 1:1 937,494
437,490 1 0.79 437,490 22.60 437,490 1:1 437,490
127 100 1935630 100 1935630

Unsubscribed portion of 15,524,370 Equity shares spilled over to QIB Category.
C. Allotment to QIBs (After Technical Rejections)
Allotment to QlBs. who have bid at the Offer Price of Rs 800 per Equity Share or above, has been done on a proportionate basis in consultation with the BSE This category has been subscribed to the extent of 1.1499 times, The total number of ed Equity Shares allotted in the QIB category is 113,338,596 Equity Shares, which were allotted to 49 successful Applicants. The category-wise details of the Basis of Allotment are as under:

CATEGORY FIS/BANKS MF'S IC'S BODIES  CORPORATE AIF FIl FPI TOTAL
ALLOTMENT 17,998,778 2,835,270 90,900,982 541,688 - - 1,061,878 113,338,596

Unsubscribed QIB MF reserved portion of 2,831,659 Equity shares spilled over to Other QIB Category,
D. Allotment to Eligible Employee under Employee reservation (After Technical Rejections)
The Basis of Allotment to the Eligible Employees under Employee reservation portion, who have bid at cut-off or at the Offer Price of Rs 800 per Equity Share (less discount of Rs 30), was finalized in consultation with the BSE. This category has been subscribed to the externt of 0.1820 times. The total number of Equity Shares Allottad in Employee category is 655,344 Equity Shares to 7,303 successful applicants.
The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
18 2195 30.06 39,510 6.03 18 1:1 39,510
36 1229 16.83 44,244 6.75 35 1:1 44,244
54 754 10.32 40,716 6.21 54 1:1 40,716
72 651 8.91 46,872 7.15 72 1:1 46,872
90 350 4.79 31,500 4.81 90 1:1 31,500
108 301 4.12 32,508 4.96 108 1:1 32,508
126 451 6.18 56,826 8.67 126 1:1 56,826
144 229 3.14 32,976 5.03 144 1:1 32,976
162 46 0.63 7,452 1.14 162 1:1 7,452
180 109 1.49 19,620 2.99 180 1:1 19,620
198 88 1.20 17,424 2.66 198 1:1 17,424
216 54 0.74 11,664 1.78 216 1:1 11,664
234 57 0.78 13,338 2.04 234 1:1 13,338
252 486 6.65 122,472 18.69 252 1:1 122,472
270 61 0.84 16,470 2.51 270 1:1 16,470
288 10 0.14 2,880 0.44 288 1:1 2,880
306 5 0.07 1,530 0.23 306 1:1 1,530
324 22 0.30 7,128 1.09 324 1:1 7,128
342 4 0.5 1,368 0.21 342 1:1 1,368
360 11 0.15 3,960 0.60 360 1:1 3,960
378 31 0.42 11,718 1.79 378 1:1 11,718
396 11 0.15 4,356 0.66 396 1:1 4,356
414 4 0.05 1,656 0.25 414 1:1 1,656
432 2 0.03 864 0.13 432 1:1 864
450 7 0.10 3,150 0.48 450 1:1 3,150
468 2 0.03 936 0.14 468 1:1 936
486 4 0.05 1,944 0.30 486 1:1 1,944
504 12 0.16 6,048 0.92 504 1:1 6,048
522 3 0.04 1,566 0.24 522 1:1 1,566
540 4 0.05 2,160 0.33 540 1:1 2,160
576 2 0.03 1,152 0.18 576 1:1 1,152
594 1 0.01 594 0.09 594 1:1 594
612 13 0.18 7,956 1.21 612 1:1 7,956
630 7 0.10 4,410 0.67 630 1:1 4,410
648 87 1.19 56,376 8.60 648 1:1 56,376
7303 100.00 655,344 100,00 655,344

Unsubscribed portion of 2,944,656 Equity shares spilled over to QIB Category.
The Board of Directors of our Company at its meeting held on November 9, 2017 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation are being dispatched to the address of the investors as registered with the depositories. Further, instruction to the SCSBs have been dispatched/mailed for unblocking of funds and transfer to the Public Offer Account on or before November 9,2017. In case the same is not received within ten days, Investore may contact the Registrar to the Offer at the address given below. The Refund Advices have been over-printed with the bank account details as registered, if any. with the depositories. The Equity Shares allotted to the successful allottees have been uploaded on or before November.9 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of filing the listing application with BSE and NSE on or before November 10.2017. Our Company is taking steps to get the Equity Shares admitted for trading on the BSE and NSE within 6 working days of the closure of the Offer.
Note:  All capitalized terms used and not defined herein shall have the respects meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE
These details of the Allotment made shall be hosted on the website of Registrar to the Offer Link Intime India Private Limited at www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant. Serial number of the ASBA form, number of Equity Shares bid for. name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:
Link Intime India Private Limited
C-101,1st Floor, 247 Park, Lal Bhadur Shastri Marg, vikhroli (West), Mumbai 400083
Maharashtra, India. Tel; +91 22 4918 6200; Fax; +91 22 4918 6195
E-mail; nia.ipo@linkintime.co.in; Investor grievance e-mail: nia.ipo@linkintime.co.in
Website; www.linkintime.co.in; Contact person; Ms.Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Place :  Mumbai
Date  : November 10, 2017

For THE NEW INDIA ASSURANCE COMPANY LIMITED
On behalf of the Board of Directors
Sd/-
Company Secretary & Chief Compliance Officer

New India Assurance IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in New India Assurance IPO?

    Check the basis of allotment document above to know about how the shares are allocated in New India Assurance IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).
  2. 2. What is New India Assurance IPO basis of allotment status?

    The New India Assurance IPO basis of allotment (published above) tells you how shares are allocated to you in New India Assurance IPO and category wise demand of IPO share.

    Visit the New India Assurance IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is New India Assurance IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in New India Assurance IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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