Niva Bupa Health Insurance’s IPO garnered a 1.5 times subscription on November 11, its third day of bidding, with investors bidding for 26.4 crore shares against the 17.3 crore available.
The retail individual investor (RII) category was subscribed 2.2 times, while the qualified institutional buyer (QIB) segment saw a subscription of 1.8 times its allocation. Meanwhile, demand in the non-institutional investor (NII) category was comparatively lower, with a subscription rate of 53 percent.
The Rs 2,200 crore IPO includes both a fresh issue and an offer for sale. The fresh issue consists of 10.81 crore shares worth Rs 800 crore and the offer for sale comprises 18.92 crore shares, aggregating to Rs 1,400 crore.
The IPO, open for subscription from November 7 to November 11, has a price band set at Rs 70 to Rs 74 per share. The allotment for the Niva Bupa IPO is expected to be finalised on November 12 with tentative listing date fixed as November 14.
ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors are the book-running lead managers while Kfin Technologies is the registrar for the issue.
The IPO raised Rs 990 crore from anchor investors on November 6.
Niva Bupa, a joint venture between the Bupa Group and Fettle Tone LLP, has been serving the Indian health insurance sector since 2008. The proceeds from the IPO are earmarked for strengthening its capital position and general corporate purposes.
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