NSE IPO Effect: New India Assurance shares rally 14% on plans to offload over 1 crore shares in blockbuster offer

Shares of New India Assurance surged over 14 percent after the National Stock Exchange filed its Draft Red Herring Prospectus for its long-awaited IPO. The government-owned insurer will offload over 1 crore shares as part of the offer-for-sale, with seven PSU shareholders divesting nearly 8 crore shares in total. The rally reflects investor optimism ahead of the blockbuster listing.