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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