Tue Nov 12 07:09:00 UTC 2024: ## Niva Bupa Health Insurance IPO Oversubscribed, Set for Listing on Thursday

**MUMBAI, INDIA -** Niva Bupa Health Insurance Limited’s initial public offering (IPO), which concluded on Monday, November 11, was oversubscribed 1.8 times, indicating strong investor interest in the health insurer. The IPO, which comprised a fresh issue and an offer-for-sale (OFS), saw investors bid for 31.13 crore shares against the 17.28 crore shares on offer.

Retail investors led the subscription spree, exceeding their allocated portion by 2.73 times on the final day. Qualified Institutional Buyers (QIBs) followed closely, subscribing 2.06 times their share. Non-Institutional Investors (NIIs) subscribed 0.68 per cent on Day 3, according to Bombay Stock Exchange (BSE) IPO data.

The company had previously raised ₹990 crore from anchor investors on Wednesday, November 6, before the public subscription opened. The IPO price band was set at ₹70 to ₹74 per share, with a lot size of 200 shares per lot. While the grey market premium (GMP) dropped to nil on the final day, indicating a slight cooling of investor sentiment, the health insurer’s price band is expected to remain at the upper level of ₹74, with the public issue likely to be listed at ₹74 per share.

Niva Bupa Health Insurance Ltd, a joint venture between the Bupa Group and Fettle Tone LLP, aims to use the IPO proceeds to strengthen its capital base and for general corporate purposes. The company offers a comprehensive health ecosystem and service capabilities through its mobile application and website.

The IPO is expected to be listed on both the BSE and NSE indices on Thursday, November 14. ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Kotak Mahindra Capital Company Limited, Axis Capital Limited, Hdfc Bank Limited, and Motilal Oswal Investment Advisors Limited are the book runners for the public issue, while Kfin Technologies Limited serves as the registrar.

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