Niva Bupa Health Insurance's initial public offering (IPO) saw a 65 percent subscription on November 7, the opening day of bidding. Investors placed bids for over 11 crore shares out of the 17.3 crore available.
Retail Individual Investors (RIIs) subscribed to 70 percent of their allotted portion, while Qualified Institutional Buyers (QIBs) subscribed to nearly 80 percent. The Non-Institutional Investors (NIIs) portion was subscribed by 33 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, 2024, 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.
Also Read | Niva Bupa Health Insurance IPO: Should investors subscribe to it?
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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