Niva Bupa IPO Oversubscribed: 1.80 Times

New Delhi, Nov 11 (PTI) The initial public offer of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa Health Insurance Company, got subscribed 1.80 times on the closing day of share sale on Monday.

The Initial Public Offering (IPO) received bids for 31,13,62,800 shares against 17,28,57,143 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) attracted 2.73 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 2.06 times. Non-Institutional Investors part fetched 68 per cent subscription.

Niva Bupa Health Insurance Company Ltd on Wednesday said it has mobilised Rs 990 crore from anchor investors.

The issue has a price band of Rs 70-74 per share.

The Rs 2,200-crore IPO is a combination of fresh issuance of equity shares worth Rs 800 crore and an offer for sale of up to Rs 1,400 crore by promoters. The company reduced the issue size as it was earlier looking to raise Rs 3,000 crore.

The company intends to utilise the net proceeds from the fresh issuance towards boosting its capital base to strengthen solvency levels, and a portion will be used for general corporate purposes.

This is the second standalone health insurer to float an IPO after Star Health & Allied Insurance Company.

ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the book-running lead managers to the offer.

The equity shares are proposed to be listed on the BSE and NSE.