Niva Bupa Well being Insurance coverage Co. has set a value band of Rs 70–74 per share for its Rs 2,200-crore preliminary public providing that can open for subscription on Thursday.
The IPO will include a contemporary difficulty of shares value Rs 800 crore, and a proposal on the market of as much as Rs 1,400 crore, in response to the crimson herring prospectus filed with the Securities and Change Board of India.
The problem dimension set for the IPO is decrease than the Rs 3,000-crore it filed in its draft crimson herring prospectus. The IPO dimension was trimmed when the most important promoting shareholder—True North—determined to finally downsize how a lot they had been promoting, in response to Chief Govt Officer Krishnan Ramachandran.
There may be nice worth for buyers on the present value band, Ramachandran mentioned, including that the well being insurer noticed good demand on the pre-IPO value as effectively.
Underneath the OFS, promoter Bupa Singapore Holdings Pte. will offload shares value Rs 350 crore, whereas Fettle Tone LLP will promote stake to the tune of Rs 1,050 crore.
