Niva Bupa Health Insurance's initial public offering (IPO) saw 1.17 times subscription on November 7, the second day of bidding. Investors bid for over 20.27 crore shares against the 17.3 crore on offer.
The retail individual investor (RII) category was subscribed 1.33 times, while the qualified institutional buyer (QIB) segment approached a complete subscription, reaching 1.5 times of its allocation. Meanwhile, the non-institutional investor (NII) category saw a lower demand, recording a subscription rate of 40 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.
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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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