New India Assurance, one of the country’s biggest general insurers, is likely to file for its initial public offering (IPO) in the next six to eight months.
In mid-January, the cabinet committee on economic affairs (CCEA) had approved listing of the five state-owned general insurance companies and reducing the government’s stake in them from 100% to 75%.
G Srinivasan, chairman and MD of New India Assurance, said: “I can’t share more details at this point of time. However, formal approval from the government has come for listing, and it will take six-eight months to hit the markets.”
He also added that the insurer will finalise bankers for the issue soon and no decision has been taken on quantum of stake sale.
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New India Assurance, Oriental Insurance, National Insurance, United India Insurance and General Insurance Corp (GIC Re) are the five companies that will list of stock exchanges. Senior officials in the insurance industry said that, GIC Re and New India Assurance would be the first set of players to be listed on the stock exchanges.
Srinivasan was talking at the launch of “New India Premier Mediclaim Policy” for sum insured of R15 lakh to R1 crore. The policy can be taken by an individual as well as family floater cover.
In addition to the cashless hospitalisation facility, it comes with a few special features being introduced for the first time under any such policy like, air ambulance expense up to R1 lakh, infertility treatment coverage up to R1 lakh and OPD expenses for dental treatment, health check-up, medicines etc., among other features.