Shares of the Niva Bupa Health Insurance Company Ltd. made a decent stock market debut to list at about 6 percent premium on November 14.
Niva Bupa stock was listed at Rs 78.14 per share on the NSE against the offer price of Rs 74, a premium of 5.59 percent.
On the BSE, the stock made a debut at Rs 78.50 apiece, a premium off 6.08 percent. It further jumped 9.37 per cent to Rs 80.94. The company's market valuation stood at Rs 14,069.93 crore.
Niva Bupa IPO subscribed 1.8 times by Day 3, retail investors show strong interest
The initial public offer of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa Health Insurance Company, got subscribed 1.80 times on the closing day of share sale on Monday. Earlier, the company mobilised Rs 990 crore from anchor investors.
The Rs 2,200-crore issue had a price band of Rs 70-74 per share.
The company intends to utilise the net proceeds from the fresh issuance towards boosting its capital base to strengthen solvency levels, and a portion will be used for general corporate purposes. This is the second standalone health insurer to float an IPO after Star Health & Allied Insurance Company.
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