Shares of New India Assurance Company Ltd (NIACL) and IFCI rose sharply in Thursday’s trade after the National Stock Exchange of India Ltd (NSE) opened its initial public offering for public subscription. NIACL shares climbed over 9% to an intraday high of Rs 201.24 on the NSE before giving up some gains due to profit booking. The stock was last trading at Rs 190.24, up 3.28%. IFCI, a public sector non-banking financial company, holds a 52% stake in Stock Holding Corporation of India Ltd (SHCIL), which owns a 4.4% stake in NSE. NIACL, meanwhile, holds a 1.42% stake in the exchange. As part of the NSE IPO, NIACL is offering 10.5 million shares that it had acquired at just 32 paise per share. At the upper end of the IPO price band, the stake sale could fetch around Rs 1,874 crore, compared with an acquisition cost of approximately Rs 33.6 lakh. The NSE IPO opened for subscription on Thursday and was 13% subscribed as of 10:45 am. Non-institutional investors led the demand with a 22% subscription, followed by retail investors at 17%.

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