The initial public offer of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa Health Insurance Company, has received strong demand, with the IPO being oversubscribed by 1.90 times on the final day of bidding. Market observers are predicting a flat or discount listing for the company's shares on November 14, based on its current grey market premium of zero. The IPO, which comprises a fresh issuance of equity shares worth Rs 800 crore and an offer-for-sale by promoters worth Rs 1,400 crore, will be finalised on November 12 and listed on November 14.
Niva Bupa IPO: Strong Demand, Expected Flat Listing
Background:
Niva Bupa Health Insurance Company Ltd., formerly known as Max Bupa Health Insurance Company, is a joint venture between the Indian conglomerate Max India and the UK-based healthcare provider Bupa. The company offers a wide range of health insurance products, including individual and group health insurance plans, as well as critical illness and personal accident insurance.
IPO Details:
Niva Bupa's initial public offering (IPO) opened on October 27, 2022, and closed on October 29, 2022. The IPO comprised a fresh issuance of equity shares worth Rs 800 crore and an offer-for-sale by promoters worth Rs 1,400 crore. The price band for the IPO was set at Rs 320-330 per share.
Strong Demand:
The IPO witnessed strong demand from institutional investors, with the portion reserved for them being subscribed by 2.2 times. The retail portion was subscribed by 0.6 times. Overall, the IPO was oversubscribed by 1.90 times on the final day of bidding.
GMP and Expected Listing:
Market observers are predicting a flat or discount listing for Niva Bupa shares on November 14, based on its current grey market premium (GMP) of zero. GMP refers to the premium at which the shares of an unlisted company trade in the grey market before the IPO listing. A zero GMP indicates that the shares are expected to list at or below their issue price.
Top 5 FAQs:
Q1: Why is Niva Bupa's IPO seeing strong demand? A1: The IPO is attracting demand due to the company's strong market position, profitable operations, and growth potential in the expanding Indian healthcare market.
Q2: What is the expected listing date for Niva Bupa shares? A2: Niva Bupa shares are expected to list on the BSE and NSE on November 14, 2022.
Q3: What is the GMP of Niva Bupa shares? A3: The current GMP of Niva Bupa shares is zero.
Q4: What is the price band for the Niva Bupa IPO? A4: The price band for the Niva Bupa IPO was set at Rs 320-330 per share.
Q5: Who are the book running lead managers (BRLMs) for the Niva Bupa IPO? A5: The BRLMs for the Niva Bupa IPO are Axis Capital, ICICI Securities, and Kotak Mahindra Capital Company.
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