NSE IPO bet sends New India Assurance, IFCI to new highs
The rally was driven by anticipation that the long-awaited NSE IPO may soon receive SEBI approval
Shares of The New India Assurance Company (NIACL) and IFCI surged over 18 percent and 12 percent on the NSE on Friday, reaching fresh intraday highs of ₹234.39 and ₹107.50. This bullish move was fueled by market participants anticipating a near-future IPO approval for the National Stock Exchange of India (NSE). New India Assurance, which owns a 1.42 percent stake in NSE, stood to gain directly from the listing.
The Stock Holding Corporation, a 4.4 percent shareholder, and IFCI, a promoter of SHCIL, also experienced gains. The IPO, approved by the Securities and Exchange Board of India (SEBI) after SEBI's review post-market hours, was initially filed by NSE in June for a potential sale of up to 148.9 million equity shares, representing approximately 6 percent of its paid-up capital.
No new issue component was part of the planned offering. NSE is targeting a valuation of ₹5.26 lakh crore for the IPO, with an anticipated launch in the second half of September. On Friday, trading volume for NIACL was notably high, with 669.29 lakh shares exchanged, more than its usual average, and a traded value of nearly ₹1,493 crore.
NIACL's stock closed at ₹229.91, marking a 36 percent increase in net profit to ₹1,412 crore and a 9 percent sales growth to ₹38,672 crore for the full year ending March 2026. Its year-to-date return now stands at 48.53 percent, outperforming the broader NIFTY 500 index. IFCI closed at ₹101.38, up 5.70 percent from the previous day, with trading volumes surpassing 40.73 crore and the stock nearly doubling year-to-date.
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