Tue Nov 12 10:06:51 UTC 2024: ## Niva Bupa Health Insurance IPO Oversubscribed, Retail Investors Drive Demand
**MUMBAI, INDIA – November 12, 2023** – The initial public offering (IPO) of Niva Bupa Health Insurance Co. was oversubscribed nearly two times, driven by strong demand from retail investors on the final day of bidding.
The issue was booked 1.8 times overall, with bids for 31,13,73,200 shares against 17,28,57,143 shares on offer. Notably, retail investors were particularly enthusiastic, subscribing 2.73 times their allotted portion, placing bids for 8,57,02,600 shares against 3,14,28,571 shares.
The health insurer also witnessed strong interest from qualified institutional buyers (QIBs), with the IPO oversubscribed 2.06 times in that category. Non-institutional investors subscribed 0.68 times their allocation.
Niva Bupa aims to raise Rs 2,200 crore through the IPO, with Rs 800 crore from a fresh issue of shares and Rs 1,400 crore from an offer for sale. The IPO price band was set at Rs 70-74 per share.
Share allotment for the IPO is scheduled for Tuesday, November 13. Investors can check their allotment status online via the official websites of the NSE, BSE, or the IPO registrar, KFin Technologies Ltd. Shares are set to list on the NSE and BSE on November 14.
The grey market premium (GMP) for Niva Bupa was at Rs 0 as of November 12, implying no expected gains over the IPO price. The estimated listing price based on the GMP is Rs 74 per share. However, GMP is speculative and not an official price quote.
Niva Bupa plans to use the IPO proceeds to strengthen its capital base and solvency levels.
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