Niva Bupa Properly being Insurance coverage protection Co. has set a worth band of Rs 70–74 per share for its Rs 2,200-crore preliminary public offering that may open for subscription on Thursday.
The IPO will embrace a up to date issue of shares worth Rs 800 crore, and a proposal available on the market of as a lot as Rs 1,400 crore, in response to the crimson herring prospectus filed with the Securities and Change Board of India.
The issue dimension set for the IPO is lower than the Rs 3,000-crore it filed in its draft crimson herring prospectus. The IPO dimension was trimmed when crucial selling shareholder—True North—decided to lastly downsize how loads they’d been selling, in response to Chief Govt Officer Krishnan Ramachandran.
There could also be good value for consumers on the current worth band, Ramachandran talked about, together with that the nicely being insurer seen good demand on the pre-IPO worth as successfully.
Beneath the OFS, promoter Bupa Singapore Holdings Pte. will offload shares worth Rs 350 crore, whereas Fettle Tone LLP will promote stake to the tune of Rs 1,050 crore.