New Delhi: Shares of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa Health Insurance Company, on Thursday listed with a premium of 6 per cent against the issue price of Rs 74. The stock made its debut at Rs 78.50, up 6 per cent on the BSE. It further jumped 9.37 per cent to Rs 80.94. At the NSE, it listed at Rs 78.14, a surge of 5.59 per cent from the issue price.
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The company's market valuation stood at Rs 14,069.93 crore. The initial public offering of Niva Bupa Health Insurance Company Ltd got subscribed 1.80 times on the closing day of share sale on Monday. The Initial Public Offering (IPO) had a price band of Rs 70-74 per share.
Rs 2,200-Crore IPO Launches as Second Standalone Health Insurer After Star Health
The Rs 2,200-crore IPO had a fresh issuance of equity shares worth Rs 800 crore and an offer-for-sale of up to Rs 1,400 crore by promoters. The company intends to utilise the net proceeds from the fresh issuance towards boosting its capital base to strengthen solvency levels, and a portion will be used for general corporate purposes. This is the second standalone health insurer to float an IPO after Star Health & Allied Insurance Company.
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