Niva Bupa Health Insurance IPO Gains Momentum on First Day
Niva Bupa Health Insurance Company Ltd's IPO opened at 65% subscription on its first day. The share sale aimed to raise Rs 2,200 crore with bids for over 11 million shares. The proceeds will strengthen the company's capital base. The IPO consists of fresh equity and a promoter's offer for sale.
- Country:
- India
Niva Bupa Health Insurance Company Ltd, previously Max Bupa Health Insurance Company, saw its initial public offer (IPO) draw a 65% subscription rate on the first day. Data from the National Stock Exchange reveals 11,18,61,400 share bids out of 17,28,57,143 shares available.
The IPO segment for qualified institutional buyers was subscribed at 79%, while retail individual investors took 70%, and non-institutional investors received 33% submissions. The insurance firm has also raised Rs 990 crore from anchor investors, with the price band set at Rs 70-74 per share, concluding on November 11.
This Rs 2,200-crore IPO combines Rs 800 crore of new equity shares and offers up to Rs 1,400 crore by the promoters, having reduced the original issue size from Rs 3,000 crore. The funds will enhance the capital base and solvency levels with an allocation for general corporate needs.
(With inputs from agencies.)