Niva Bupa IPO: A Healthy Reception
The IPO of Niva Bupa Health Insurance Company, formerly known as Max Bupa, saw strong interest, with 1.17 times subscription by day two. The offer aims to raise Rs 2,200 crore through fresh issuance and an offer for sale, with plans to enhance the company's capital base.
- Country:
- India
The IPO of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa, sparked investor interest, receiving 1.17 times subscription on its second day, Friday.
According to NSE data, the company received bids for over 20 crore shares compared to the 17.28 crore shares available. Notably, the QIB category saw a strong 1.50 times subscription, while retail investors contributed with a 1.34 times subscription rate. However, non-institutional investors accounted for 40% subscription.
In a pre-IPO move, Niva Bupa raised Rs 990 crore from anchor investors. The Rs 2,200 crore offering combines Rs 800 crore fresh equity issuance and Rs 1,400 crore from promoters selling stakes. The company aims to strengthen its capital for solvency improvements and general corporate use.
(With inputs from agencies.)
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