-Niva Bupa Insurance’s IPO opens, investors will be able to place bids till November 11
New Delhi, 07 November (Hindustan Reporter). The initial public offering (IPO) of health insurance company Niva Bupa Health Insurance received 65 percent subscription on Thursday, the first day of the offer. Investors can bid for this issue till November 11. This issue is worth about Rs 2,200 crore.
According to National Stock Exchange (NSE) data, Niva Bupa Health Insurance Company received bids for 11,18,61,400 shares against the offer of 17,28,57,143 shares issued in the initial share sale. The qualified institutional buyers segment received 79 per cent subscription, while the retail individual investors segment received 70 per cent subscription. At the same time, the category of non-institutional investors got 33 percent subscription.
The price range for this issue of the company has been fixed at Rs 70-74 per share. This issue will close on November 11. Niva Bupa Health Insurance Limited on Wednesday informed about raising Rs 990 crore from anchor investors. The IPO of health insurance company Niva Bupa is a combination of an issue of fresh equity shares worth Rs 800 crore and an offer for sale by promoters worth up to Rs 1,400 crore.
The company plans to raise Rs 2200 crore through this IPO. The company will use the proceeds from this issue to increase the capital base to the extent of Rs 1,500 crore, maintain and strengthen solvency levels and for general corporate purposes. It is proposed to list the equity shares of the company on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). This company was earlier known as Max Bupa Health Insurance Company.
It is noteworthy that Niva Bupa Health Insurance Limited is an Indian health insurance company, which was established in 2008. The headquarters of this company is located in New Delhi. Niva Bupa is the country’s third largest and second fastest growing SAHI based on overall health GDPI of Rs 54.94 billion in FY 2023-24.
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Hindusthan News / Prajesh Shankar
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