NIVA BUPA HEALTH INSURANCE IPO ALLOTMENT UPDATE: Kfin Technologies to Process Share Allotments by November 14

Mumbai, India - Niva Bupa Health Insurance is likely to finalize the basis of allotment for its Initial Public Offer (IPO) of shares on Tuesday, November 12. The allocation results will be communicated to investor applicants through messages, alerts, or emails for debit of their funds or revocations of their IPO mandate by Wednesday, November 13.

The private health insurance player's saw a lukewarm response from investors during the three-day bidding that took place between November 7 and November 11. The company had offered its shares in the price band of Rs 70-74 per share with a lot size of 200 shares, raising a total of Rs 2,200 crore via IPO.

The issue was overall subscribed merely 1.80 times, although it received strong interest from retail investors, who bid for their portion 2.73 times. The qualified institutional bidders (QIBs) saw a subscription rate of 2.06 times. Unfortunately, the non-institutional investors (NIIs) were undersubscribed with only 68 per cent bids.

With an allocation ratio of less than expected, Niva Bupa Health Insurance is unlikely to command any grey market premium, which suggests no listing gains for the investors. However, there was some limited activity in the grey market during the weekend, bringing the premium up to Rs 3.

The IPO process has been led by six book-running lead managers: ICICI Securities, Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors. The shares of the company will be listed on BSE and NSE with a tentative date of listing set for Thursday, November 14.

Investors can check their allotment status by visiting the Bombay Stock Exchange (BSE) website or the online portal of KFin Technologies Limited. On the BSE website, investors should visit https://www.bseindia.com/investors/appli_check.aspx and follow the instructions to check their allocation status. Similarly, on the KFin Technologies platform, investors can visit https://kosmic.kfintech.com/ipostatus to track their allotment.

Niva Bupa Health Insurance is a joint venture between the Bupa Group and Fettle Tone LLP that provides health insurance services through its Niva Bupa Health mobile application and website. The company also has a strong market presence and robust growth potential, which may have contributed to the positive predictions from brokerages regarding the issue.

However, some brokerages expressed concerns about rising competition and inconsistent numbers in the industry, which could impact the investors' sentiments.

Share prices of Niva Bupa Health Insurance are expected to be listed on Thursday, November 14.