Niva Bupa shares settle at par with issue price of Rs 74 in market debut
The stock made its debut at Rs 78.50, up 6 per cent on the BSE. It jumped 9.37 per cent to the days high of Rs 80.94. Shares of the firm ended at par with the issue price of Rs 74.
Shares of Niva Bupa Health Insurance Company Ltd, formerly Max Bupa Health Insurance Company, on Thursday ended at par with the issue price of Rs 74.
The stock made its debut at Rs 78.50, up 6 per cent on the BSE. It jumped 9.37 per cent to the day's high of Rs 80.94. Shares of the firm ended at par with the issue price of Rs 74.
On the NSE, it listed at Rs 78.14, a surge of 5.59 per cent from the issue price. The stock ended flat at Rs 74.02.
The company's market valuation stood at Rs 13,520 crore.
In terms of volume, 28.87 lakh shares of the firm were traded on the BSE and 388.63 lakh shares exchanged hands on the NSE during the day.
The initial public offering of Niva Bupa Health Insurance Company Ltd got subscribed 1.80 times on the closing day of the share sale on Monday.
The Initial Public Offering (IPO) had a price band of Rs 70-74 per share.
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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