Niva Bupa Health Insurance Company shares declined 1.95 per cent to ₹76.62 on NSE by 10.30 am on Thursday, after listing at a premium earlier in the day. The stock debuted at ₹78.14 on NSE and ₹78.50 on BSE, marking a 5.5-6 per cent premium over its issue price of ₹74.
Trading data showed buy orders for 39.14 lakh shares against sell orders for 38.55 lakh shares.
The ₹2,200-crore IPO, which closed on Monday, was subscribed 1.80 times, with retail investors showing strong interest at 2.73 times subscription. QIB portion was subscribed 2.06 times, while non-institutional investors’ segment saw 0.68 times subscription.
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The IPO comprised fresh equity shares worth ₹800 crore and an offer for sale of ₹1,400 crore by promoters. Prior to the public issue, the company raised ₹990 crore from anchor investors. The health insurer plans to use the fresh issue proceeds to strengthen its solvency levels and for general corporate purposes.
Niva Bupa, formerly known as Max Bupa Health Insurance Company, is the second standalone health insurer to go public after Star Health & Allied Insurance Company. The IPO was managed by ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors.