Niva Bupa IPO subscribed 65 pc on day 1 of share sale

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The archetypal nationalist connection of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa Health Insurance Company, received a 65 per cent subscription connected the archetypal time of stock merchantability connected Thursday.

The archetypal stock merchantability received bids for 11,18,61,400 shares against 17,28,57,143 shares connected offer, arsenic per NSE data.

The information for qualified organization buyers (QIBs) subscribed 79 per cent portion the class for retail idiosyncratic investors (RIIs) received 70 per cent subscription. Non-institutional investors portion fetched 33 per cent of subscriptions.

Niva Bupa Health Insurance Company Ltd connected Wednesday said it has mobilised Rs 990 crore from anchor investors.

The issue, with a terms set of Rs 70-74 per share, volition reason connected November 11.

The Rs 2,200-crore IPO is simply a operation of caller issuance of equity shares worthy Rs 800 crore and an connection for merchantability of up to Rs 1,400 crore by promoters. The institution reduced the contented size arsenic it was earlier looking to rise Rs 3,000 crore.

Under the OFS, Fettle Tone LLP volition merchantability shares to the tune of Rs 1,050 crore, and Bupa Singapore Holdings Pte Ltd volition offload shares valued astatine Rs 350 crore.

At present, Bupa Singapore Holdings Pte owns a 62.19 per cent stake, portion Fettle Tone LLP holds a 26.8 per cent involvement successful the security firm.

The institution intends to utilise the nett proceeds from the caller issuance towards boosting its superior basal to fortify solvency levels, and a information volition beryllium utilized for wide firm purposes.

This volition beryllium the 2nd standalone wellness insurer to interval an IPO aft Star Health & Allied Insurance Company.

ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the book-running pb managers to the offer.

The equity shares are projected to beryllium listed connected the BSE and NSE.

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