Niva Bupa Health Insurance Company has announced the price band for its upcoming IPO at INR70 ($0.83) to INR74 per share. The nominal value of each share is INR10.
The IPO, aiming to raise INR22bn ($261.56m), will open for subscription from 7 to 11 November, with anchor investors bidding today. The share allocation includes 75% for qualified institutional buyers, 15% for non-institutional buyers, and 10% for retail investors.
The IPO comprises a fresh issue of equity shares worth INR8bn ($95m) and an Offer for Sale (OFS) amounting to INR14bn. This represents a reduction from the earlier issue size of INR30bn.
Bupa Niva is a standalone health insurer, whose biggest shareholders are Bupa Singapore Holdings and Fettle Tone. In the OFS, Fettle Tone plans to sell shares worth INR10.5bn, while Bupa Singapore Holdings will sell shares worth INR3.5bn. Currently, Bupa Singapore Holdings holds a 62.2% stake, and Fettle Tone holds 26.8% of the health insurer.