Niva Bupa IPO Opens With Rs. 990 Cr Anchor Support

Rs 2,200 cr issue opens at a price band of Rs 70 – Rs 74 per equity share
MUMBAI, Nov 7 (The CONNECT) -Niva Bupa Health Insurance Company Limited has garnered about Rs. 990 crores from anchor investors ahead of its initial public offering that opens for public subscription today. The company informed the bourses that it allocated 13,37,83,783 equity shares at Rs. 74 per share on Wednesday, November 06, 2024, to anchor investors.
Foreign and Domestic Institutions who participated in the anchor included Amansha Holdings, Zulia Investments, A91 Emerging Fund II LLP, Nippon Life, Tata Balance Advantage Fund, Axis Mutual Fund, Morgan Stanley Investment Fund amongst others.
In all six domestic mutual funds were allocated shares out of total of 32 anchor investors.
ICICI Securities Limited, Morgan Stanley India Company Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, HDFC Bank Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer.
IPO Details
The IPO is a mix of fresh offer of up to Rs 800 crore and an offer for sale of up to Rs 1400 crore by Bupa Singapore Holdings Pte. Ltd and Fettle Tone LLP, Selling Shareholders, said company MD and CEO Krishnan Ramachandran.
The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Thursday, November 07, 2024, and closes on Monday, November 11, 2024. The price band for the Offer has been determined at Rs 70 – Rs 74 per equity share.
Investors can bid for a minimum of 200 equity shares and in multiples of 200 equity shares thereafter.
The offer is being made through the book-building process, wherein not less than 75% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the net offer shall be available for allocation to non-institutional investors, andnot more than 10% of the net offer shall be available for allocation to retail individual bidders.