Niva Bupa Health's IPO Makes Strong Market Debut
Niva Bupa Health Insurance made its stock market debut with an IPO priced at Rs 74 per share. The stock initially rose, reaching Rs 80.94, but closed at par with its issue price. The IPO was oversubscribed 1.80 times, raising capital for boosting the company's solvency levels.
- Country:
- India
Niva Bupa Health Insurance Company Ltd, formerly known as Max Bupa Health Insurance, witnessed a mixed market debut, managing to just meet its issue price of Rs 74 per share on the closing bell on Thursday.
The company's share price opened at Rs 78.50 on the BSE, rising by 6% and peaking at Rs 80.94, a jump of 9.37% in early trading, before settling back at Rs 74 by the end of the day. Meanwhile, on the NSE, it listed at Rs 78.14, a raise of 5.59%, and concluded at a flat Rs 74.02.
The IPO was priced between Rs 70-74 and was oversubscribed 1.80 times, reflecting strong investor interest. With a market valuation at Rs 13,520 crore, the company plans to use proceeds from the Rs 800 crore fresh issuance to strengthen its capital base and solvency levels alongside general corporate purposes.
(With inputs from agencies.)