The initial public offering of Niva Bupa Health Insurance Co. has been subscribed 1.52 times so far on the third day of bidding. The issue was subscribed 1.17 times on Day 2, and 0.65 times on the first day on Thursday.

The grey market premium of Niva Bupa IPO was nil as of 09:59 a.m., implying no gain over the issue price, according to InvestorGain. The estimated listing price based on the GMP is Rs 74 per share.

The company has set a price band of Rs 70–74 per share for its Rs 2,200-crore initial public offering.

The IPO consists of a fresh issue of shares worth Rs 800 crore and an offer for sale of up to Rs 1,400 crore, according to the red herring prospectus filed with the Securities and Exchange Board of India.

The issue size set for the IPO is lower than the Rs 3,000-crore it filed in its draft red herring prospectus. The IPO size was trimmed when the largest selling shareholder—True North—decided to eventually downsize how much they were selling, according to Chief Executive Officer Krishnan Ramachandran.

Under the OFS, promoter Bupa Singapore Holdings Pte. will offload shares worth Rs 350 crore, while Fettle Tone LLP will sell stake to the tune of Rs 1,050 crore.