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, which closed for subscription on Monday, November 11. The public offer was oversubscribed 1.8 times on the final day as investors bid for 31.13 crore shares, compared to 17.28 crore shares available.
Among the three segments, retail investors subscribed to the public issue the most, at 2.73 times their allotted portion on Day 3. The Qualified Institutional Buyers (QIBs) followed the retail lead by subscribing 2.06 times their available shares. The Non-Institutional Investors (NIIs) subscribed 0.68 per cent on Day 3, according to the Bombay Stock Exchange (BSE) IPO data.
The health insurer's IPO opened for public subscription on Thursday, November 7, and closed on Monday, November 11. The company raised ₹990 crore from its anchor investors on Wednesday, November 6. Niva Bupa Health Insurance IPO's price band was in the range of ₹70 to ₹74 per share, with a lot size of 200 shares per lot.
As of November 11, Niva Bupa Health Insurance IPO's grey market premium (GMP) is nil. The GMP dropped from its previous level of ₹3 per share on the final day. 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 Ltd 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. The public offer is expected to be listed on the BSE and NSE indices on Thursday, November 14.
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.
