NSE IPO impact: IFCI, New India Assurance, GIC RE shares rally up to 9%

NSE Shareholders' Stocks: NSE IPO opened for public subscription on September 17 and will remain available for bidding till September 21.

NSE IPO opened for public subscription on September 17 and will remain available for bidding till September 21.

Shares of several shareholders looking to sell a stake in the National Stock Exchange's (NSE) public offer rallied sharply on Thursday as the mega ₹22,569-crore issue kicked off for bidding today.

NSE IPO opened for public subscription on September 17 and will remain available for bidding till September 21. The initial public offer (IPO) is entirely an offer for sale (OFS) by existing shareholders, who are eyeing a whopping ₹16,500 crore profit on their investments. READ MORE

The New India Assurance Company (NIACL), one of the biggest beneficiaries of the NSE IPO, is looking to offload 10.50 million shares. The company had acquired the stake at a weighted average cost of ₹0.32 apiece. Compared to the upper end of the NSE IPO's price band of ₹1,785, it is looking to rake in a 557,713 per cent return or a ₹1873.91 crore gain.

Against this backdrop, New India Assurance Company shares hit the day's high of ₹201.15 on the BSE, rising as much as 9.3 per cent over the last closing price of ₹183.95 apiece. As of 2.05 PM, the stock was up 6.55 per cent at ₹196 as against a flattish stock market trend. BSE Sensex was trading 0.06 per cent higher at 74,393.

Meanwhile, IFCI shares gained a whopping 7.8 per cent to hit the day's high of ₹80.95 on the BSE. It was last trading at ₹76.54, up 1.95 per cent.