Niva Bupa Health Insurance Company could not enthuse investors on its debut day as shares closed flat, following weak conditions in the equity markets on November 14. The Nifty 50 has shed 10.4 percent from its record high of September 27.
The stock opened higher at Rs 78.14 on the NSE, up 5.6 percent over the issue price and hit an intraday high of Rs 81 in early trade, but could not sustain those gains for long. It finished at Rs 74.02, up 0.03 percent with volume of 3.88 crore equity shares.
On the BSE, the stock closed flat at Rs 74, after hitting an intraday high of Rs 80.94 and low of Rs 73.60, with volume of 28.87 lakh equity shares.
Niva Bupa Health Insurance Company shares are valued at Rs 13,520 crore. This is the fourth health insurer listed in the company after ICICI Lombard General Insurance, Star Health and Allied Insurance, and The New India Assurance Company.
Niva Bupa Health Insurance raised Rs 2,200 crore through its initial share sale. This was a combination of fresh issuance of equity shares worth Rs 800 crore, and an offer-for-sale of shares worth Rs 1,400 crore by promoters. The price band for the offer was Rs 70-74 per share.
The public issue was subscribed 1.8 times during November 7-14.
Niva Bupa, a joint venture between the Bupa Group and True North-owned Fettle Tone LLP providing health insurance, will utilise fresh issue proceeds for augmentation of its capital base to maintain and strengthen solvency levels, and general corporate purposes.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
