Strong Demand for Niva Bupa Health IPO

7 Nov 2024 , 03:53 PM

On November 7, the first day of the bidding, Niva Bupa Health Insurance’s IPO had a 63 percent subscription. Out of the 17.3 crore shares available, investors bid on 10.95 crore.

Of their allocated share, 65 percent was subscribed by Retail Individual Investors (RIIs) and 78 percent by Qualified Institutional Buyers (QIBs). Against the 4.7 crore shares set aside for them, bids for 1.52 crore shares were made by non-institutional investors (NIIs).

Both a new issuance and an offer for sale are part of the Rs 2,200 crore IPO. The offer for sale includes 18.92 crore shares, totalling Rs 1400 crore, while the new issuance includes 10.81 crore shares worth Rs 800 crore.

The IPO has a price range of Rs 70 to Rs 74 per share and will be available for registration from November 7 to November 11, 2024. The tentative listing date for the Niva Bupa IPO is set for November 14, and the allocation is anticipated to be confirmed on November 12.

The issue’s registrar is Kfin Technologies, and the book-running lead managers are ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors.

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