GAGA Share Market News

[hfe_template id='11223'] [ad_1] Mumbai : Niva Bupa debuted on the stock exchanges Thursday with a 5% premium, becoming India’s first listed multinational health insurer. The company initially raised 5-6% equity in private placements, setting a valuation benchmark that strengthened its IPO appeal. Liberalisation of foreign ownership in the insurance sector — now up to 74% — enabled British parent Bupa to increase its stake to a majority earlier this year. “This listing as the first foreign-majority health insurer in India is not only a new chapter for Niva Bupa but shows our commitment to the Indian market for the long term,” said Roger Davis, Bupa’s Group chairman. Bupa will continue to be the largest shareholder in the company, he said. Bupa, holding a 56% stake, is looking to retain its majority share as the company scales. Niva Bupa listed at ₹78.14 on the NSE, a premium of 5.6% over its issue price of ₹74. It closed at ₹74.07. The journey toward a public listing beg...

[hfe_template id='11223'] [ad_1] 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...