The poor show by GIC Re and NIA has raised questions on future IPOs of other public insurance firms. NIA, which went public on 13 November, fell 9.4% from its issue price on its listing day. Now, it is testing new lows daily and trades 27.44% lower than its issue price in less than a month. Not only did its shares gain 18.71% on debut, they now trade almost 34% higher than the issue price. They were treading water cautiously,” said a banker who had managed one of the issues floated by the public insurers.

Source: Mint December 07, 2017 22:30 UTC