Niva Bupa Health Insurance IPO Allotment to Be Finalized Today, Subscription Rate Hits 1.90x

The public issue seeks to raise INR 2,200 Cr, including INR 800 Cr through a fresh issue and INR 1,400 Cr through an offer-for-sale (OFS).

The allotment of shares for Niva Bupa Health Insurance Company's initial public offering (IPO) will be finalized today, following moderate investor interest during the bidding process.

As of November 11, 2024, the IPO was subscribed 1.90 times.

In terms of category-wise subscriptions, the retail segment demonstrated the highest demand, with a subscription rate of 2.88 times. Qualified institutional buyers (QIB) subscribed 2.17 times, while non-institutional investors (NII) subscribed 0.71 times.

The IPO offered shares in a price band of INR 70-74 each, with a minimum lot size of 200 shares. The public issue seeks to raise INR 2,200 Cr, including INR 800 Cr through a fresh issue and INR 1,400 Cr through an offer-for-sale (OFS).

Investors who bid for the Niva Bupa Health Insurance IPO can now check their allotment status online. The BSE and Kfin Technologies, the registrar for the issue, provide portals for allotment status checks.

Niva Bupa, backed by True North, filed its draft red herring prospectus on June 29

Established in 2008, Niva Bupa Health Insurance is a joint venture between the Bupa Group and Fettle Tone LLP. The company provides health insurance products and services, including digital access via the Niva Bupa Health app and website.

The IPO is being managed by ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors. Kfin Technologies is the registrar for the issue.

The shares are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 14, 2024.

Stay tuned for more such updates on Digital Health News.