Niva Bupa Healthcare IPO subscribed 1.8 times on final day of bidding process. Check GMP, other details
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Driven by a robust demand from retail investors, the initial public offer (IPO) of Niva Bupa Healthcare sailed through on Monday, the last day of the bidding process, being subscribed by 1.8 times. Retail participants had bid for 8,56,92,200 shares from the 3,14,28,571 reserved for them, subscribing to the issue by 2.73 times. This was followed by the qualified institutional buyers (QIBs), who had subscribed to the issue by 2.06 times. Meanwhile, non-institutional investors (NIIs) subscribed to the issue by 68%. The issue, which is a fresh equity sale of Rs 800 crore and an offer for sale (OFS) of Rs 1.89 crore shares, will be available for bidding till November 11. Under the OFS, Bupa Singapore Holdings and Fettle Tone will offload their part stakes. The company proposes to utilise the net proceeds from the fresh issue towards augmentation of its capital base to strengthen solvency levels and for general corporate purposes. Niva Bupa Hea...