New India Assurance hits 52-week high as NSE IPO seller
New India Assurance shares have been on a roll, soaring 47% over seven consecutive trading sessions and reaching a 52-week high of ₹215.59 on June 22.
This rally is the company's longest since late 2024, and it's mostly thanks to their spot as a selling shareholder in the National Stock Exchange's upcoming IPO, where they'll be offloading up to 1.05 crore shares acquired at just ₹0.32 each, a move that could mean big profits.
New India Assurance 85% government-owned
Even with this surge, the stock is still below its bonus-adjusted IPO price from 2018 (₹400).
The government holds an 85% stake; among public shareholders, LIC has an 8.67% stake and GIC has a 1.31% stake, so only about 1.8% are owned by retail investors—making the stock pretty rare on the market and possibly fueling its recent rise.