Niva Bupa will be debuting in the secondary markets on November 14. The IPO was subscribed 1.9 times while the retail segment booked the issue 2.8 times and QIBs 2.17 times. The IPO was opened on November 07 and closed on November 11. The health insurer raised Rs 2,200 crore.
Niva Bupa IPO GMP
The company’s shares were neither fetching a premium nor a discount in the grey market, indicating flat to muted listing gains. The grey market is an unregulated place to trade shares ahead of listing,
Niva Bupa price band and allotment
The company’s IPO price band ranged between Rs 70 to Rs 74 per equity share. The allotment of the issue was finalised on November 12 by the registrar of the issue, Kfin Technology Services. The minimum investment required for a retail application was 200 shares, which amounted to Rs 14,800.
Expert’s take on Niva Bupa
“Robust increases in commission cost in recent years pose a risk to the continuity of improvement in future market share. At the upper price band of Rs 74, NBHICL will be trading at a post-issue adj. P/B ratio of 4.8x for Q1FY25, which seems reasonable compared to its listed peers. Considering its strong parentage, improving market share, and profitability, we assign a “Subscribe” rating for long-term investment,” said Bajaj Broking in an IPO note.
BRLMs
ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors were the book-running lead managers of the IPO.
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