Bidding in the initial public offer of standalone health insurer Niva Bupa Health Insurance Company ended yesterday with a total subscription rate of 1.9 times.
In total, bids were made for more than 300m shares, with a nominal value of INR10 ($0.12) each, when the number of shares available in the exercise was 172,857,143, according to data on the website of the BSE which is the Mumbai bourse.
The portion for qualified institutional buyers was subscribed 217% while the category for retail individual investors chalked up bids of 287%. Non-institutional investors subscribed for 71% of available shares.
Niva Bupa received INR9.9bn from anchor investors on 6 November whose bids totalled 193,848,200 shares.
The IPO was opened on 7 November and received a 65% subscription on the first day.
The price band of the IPO is INR70-74 per share. The IPO allotment will be finalised today, while the listing of shares will take place on 14 November.
The IPO comprises a fresh issuance of equity shares worth INR8bn and an offer-for-sale of INR14bn by promoters, targeting INR22bn in terms of funds to be raised.