Niva Bupa Health Insurance Company, formerly known as Max Bupa, kicked of its public issue today (November 7). The IPO on the first day or Day 1 of its bidding made a strong debut with 65 per cent of the issue already getting subscribed.
The investors have placed bids for 11.19 million shares out of the total 17.28 million equity shares available.
The price band of the public issue is set between Rs 70 to Rs 74 per shares.
The IPO is set to close on Monday (November 11)
Subscription Breakdown
The subscription numbers received a varied responses from different investors categories.
The Retail portion of the public offering was subcribed at 0.71 per cent. Similarly, the Non-Institutional Investors (NIIs) Portion posted a subscription rate of 0.33 times.
In contrast to this, the Qualified Institutional Buyer (QIB) Portion saw a higher subscription of 0.79 times.
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Anchor Investor Backing
Before the IPO opened for subscription, Niva Bupa secured Rs 990 crore from anchor investors. This backing includes both foreign and domestic institutions, such as Amansha Holdings, Zulia Investments, A91 Emerging Fund II LLP, Nippon Life, Tata Balance Advantage Fund, Axis Mutual Fund, and Morgan Stanley Investment Fund.
GMP Prices and Listing
The GMP (Grey Market Premium) price of the issue has not yet been updated. The issue is expected to be listed on the Indian bourses on November 14.
Key Players Behind the IPO
The IPO is being managed by prominent book-running lead managers, such as ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors.
KFin Technologies serves as the registrar for the offer.
