Wed Nov 06 07:49:00 UTC 2024: ## Niva Bupa Health Insurance IPO Opens with Subdued Market Response

**MUMBAI, INDIA** – The upcoming Initial Public Offering (IPO) of Niva Bupa Health Insurance has opened with a subdued response in the unlisted market, indicating a lack of investor enthusiasm. As of November 6, the grey market premium (GMP) for the IPO, which is set to open on November 7, stands at zero.

According to market tracker InvestorGain, the shares are expected to list at Rs 74, marking no listing gain. This suggests that investors are not expecting a significant price appreciation post-listing.

The IPO, which aims to raise Rs 2,200 crore, will be open for subscription until November 11. Shares are expected to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on November 14.

Niva Bupa has set the price band for the IPO at Rs 70 to Rs 74 per share. Retail investors can apply for the public issue by placing bids for a minimum lot size of 200 shares, totalling an investment of Rs 14,800.

The IPO comprises a fresh issue of 10.81 crore shares amounting to Rs 800 crore and an offer for sale of 18.92 crore shares worth Rs 1,400 crore. The company plans to utilize the funds raised to enhance its capital base, improve solvency levels, and fund general corporate purposes.

Niva Bupa, formerly known as Max Bupa Health Insurance Co., is a joint venture between the Bupa Group and Fettle Tone LLP, a special purpose vehicle of True North Fund VI LLP.

It is noteworthy that GMP is not an official price quote for the stock and is based on speculation. Investors are advised to consult with financial advisors and thoroughly read the red herring prospectus before making any investment decisions.

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