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Niva Bupa Health Insurance is likely to finalize the basis of allotment of its shares on Tuesday, November 12. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Wednesday, November 13. The private health insurance player’s saw a dud response from the investors during the three-day bidding.
The IPO of Delhi-based Niva Bupa Health Insurance was open for bidding between November 7 and November 11. It had offered its shares in the price band of Rs 70-74 per share with a lot size of 200 shares. The company raised a total of Rs 2,200 crore via IPO, which included a fresh share sale of Rs 8000 crore and offer-for-sale (OFS) of up to 189,189,189 shares worth Rs 1,400 crore.
The issue was overall subscribed merely 1.80 times. The allocation for the qualified institutional bidders (QIBs) was subscribed 2.06 times The portion allocated for retail investors was subscribed 2.73 times. However, The portion for non-institutional investors (NIIs) remained undersubscribed with only 68 per cent bids.
Niva Bupa Health Insurance Company commanded no grey market premium (GMP), following a dull bidding, suggesting no listing gains for the investors. However, there was almost no activity in the grey market for the first two days of the bidding for the issue but GMP stood at Rs 3 over the weekend.
Incorporated in 2008, Niva Bupa Health Insurance Company is a joint venture between the Bupa Group and Fettle Tone LLP that provides insurance in the health sector. It offers a holistic proposition by providing customers access to a comprehensive health ecosystem and service capabilities through its Niva Bupa Health mobile application and website.
Brokerages mostly had a positive view on the issue and suggested subscribing for a long term citing rising demand of healthcare products, strong market share and robust growth potential. However, rising competition, inconsistent numbers and aggressive valuations may dent its sentiments.
ICICI Securities, Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the book running lead managers of the Niva Bupa Health Insurance IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on BSE and NSE with Thursday, November 14 as the tentative date of listing.
Investors, who had bid for the issue of Niva Bupa Health Insurance, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Niva Bupa Health Insurance Company Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit search button
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
