Indian insurers continue to ride IPO wave

New India Assurance and HDFC Standard Life Insurance poised to become India's fourth and fifth insurance company listings so far this fiscal year.

India’s financial market reforms continued to show progress last week after New India Assurance and HDFC Standard Life Insurance raised over $2.8 billion from initial public offerings, adding two prominent names to the domestic stock market's young insurance sector.

Pricing of HDFC Standard Life’s Rp87 billion $1.33 billion IPO, which was fixed late Friday at the top end of the marketed Rp275 to Rp290 per share price band, came days after state-owned New India Assurance also sold shares at its highest targeted price, raising $1.5 billion in the process.

The IPOs are part of an accelerated push by the Indian government...

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