Niva Bupa Health Insurance Limited's Initial Public Offering (IPO) Ends with Oversubscription

Kolkata: Niva Bupa Health Insurance Limited's initial public offering (IPO), which closed for subscription on Monday, November 11, saw a record-breaking oversubscription of 1.8 times as investors bid for shares worth ₹31.13 crore against 17.28 crore available, according to Bombay Stock Exchange (BSE) IPO data.

Among the three segments of investors - retail, Qualified Institutional Buyers (QIBs), and Non-Institutional Investors (NIIs) - retail investors led the charge with subscription at 2.73 times their allotted portion on Day 3, followed closely by QIBs subscribing 2.06 times their available shares. NIIs lagged behind, with a meager subscription of 0.68 per cent.

Initially opening for public subscription on Thursday, November 7, and closing on Monday, November 11, Niva Bupa Health Insurance IPO witnessed impressive demand from investors. The company had raised ₹990 crore from its anchor investors on Wednesday, November 6, with a price band of ₹70 to ₹74 per share, and lot size of 200 shares.

The Grey Market Premium (GMP) for the issue, as seen today (November 11), dropped to nil, compared to the previous level of ₹3 per share on the final day. The GMP reflects investors' willingness to pay more than the issue price. According to data from Investorgain.com, Niva Bupa Health Insurance IPO is expected to list at ₹74 per share, aligning with its upper band.

Niva Bupa Health Insurance Limited, a joint venture between the Bupa Group and Fettle Tone LLP, aims to utilize the capital raised from the IPO to augment its capital base and for general corporate purposes. The public offer is scheduled to be listed on BSE (Bengaluru Stock Exchange) and NSE (National Stock Exchange) indices on Thursday, November 14.