Niva Bupa Health Insurance Limited’s initial public offering (IPO), through a book-building process, offers a fresh issue and an offer-for-sale (OFS) component, opened for subscription on Thursday, November 7. The public offer was subscribed 65 per cent on the first day as investors bid for 11.19 crore shares, compared to 17.28 crore shares available.
Among the three segments, Qualified Institutional Buyers (QIBs) subscribed to the public issue the most, at 79 per cent of their allotted portion on Day 1. The retail investors followed the QIB lead by subscribing 71 per cent of their available shares. The Non-Institutional Investors(NIIs) subscribed 33 per cent on Day 1, according to the Bombay Stock Exchange (BSE) IPO data.
The health insurer‘s IPO opened for public subscription on Thursday, November 7, and will close on Monday, November 11. The company raised ₹990 crore from its anchor investors on Wednesday, November 6. Niva Bupa Health Insurance set its IPO price band at the range of ₹70 to ₹74 per share, with a lot size of 200 shares per lot.
Niva Bupa Health Insurance IPO GMP today
As of November 7, Niva Bupa Health Insurance IPO’s grey market premium (GMP) is nil. Grey market premium (GMP) is the investor’s willingness to pay more on top of the issue price.
The health insurer’s price band is at the upper level of ₹74, and the public issue is expected to be listed at ₹74 per share, as per Investorgain.com data.
Niva Bupa Health Insurance IPO Details
Niva Bupa Health Insurance Ltd., established in 2008, is a joint venture between the Bupa Group and Fettle Tone LLP. Through its Niva Bupa Health mobile application and website, customers have access to a comprehensive health ecosystem and service capabilities.
The health insurer aims to use the money raised from the IPO to augment its capital base and for general corporate purposes.
ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Kotak Mahindra Capital Company Limited, Axis Capital Limited, Hdfc Bank Limited, and Motilal Oswal Investment Advisors Limited are the book runners for the public issue, while Kfin Technologies Limited is the registrar.
