IFCI, New India Assurance, other stocks drop up to 3% as NSE makes a muted market debut. What to expect?
On Thursday, shares of IFCI, New India Assurance Company, and General Insurance Corporation fell up to 3%. The National Stock Exchange listed with less than a 1% premium over the IPO price. NSE's initial public offering aimed to raise Rs 22,562 crore entirely through an offer for sale. Analysts anticipated long-term potential for NSE despite the muted listing, with a target price of Rs 1,965.
IFCI, New India Assurance and General Insurance Corporation of India stocks saw a drop of up to 3% on Thursday as the National Stock Exchange (NSE) made a subdued market debut. The IPO was priced at a mere 1% premium over the initial offering price, causing investors to closely monitor the stocks with ties to the exchange. The NSE's IPO aimed to raise Rs 22,562 crore through an offer for sale, with all proceeds going to selling shareholders, not the exchange itself.
The exchange raised Rs 6,746 crore from over 150 anchor investors just before the IPO went public. IFCI, NIACL and GIC were set to offload shares through the offer for sale, holding stakes ranging from 1.42% to 2% in the NSE. Analysts expect long-term potential in the NSE stock, citing its leading market share, strong position and extensive services.
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