Niva Bupa Health Insurance's share price closed at INR74.00 (88 US cents) per share yesterday when the stock made its trading debut on the BSE following an initial public offering. The stock opened the day at INR78.50, reaching a high of INR80.94 and a low of INR73.60.
On the NSE, Niva Bupa opened at INR78.14 and closed at INr74.02.
In the IPO, the company’s shares were priced at a band of INR70-74 per share.
The standalone health insurer raised INR22bn through a fresh issue of shares and an offer for sale. Of this total, the insurer raised around INR9.9bn from anchor investors by allocating 133,783,783 equity shares at INR74 per share to 32 anchor investors.
The IPO was subscribed 1.9 times after a three-day subscription period that ended on 11 November. The retail portion was booked 2.87 times while the subscription rate of qualified institutional buyers (QIBs) was 2.17 times. However, subscriptions by non-institutional investors (NIIs) totalled 0.71 times.
The allotment of shares was finalised on 12 November. Niva Bupa reserved 75% of the issue for QIBs, 15% for NIIs, and the remaining 10% for retail investors.