Niva Bupa Health Insurance Files Draft Papers For Rs 3,000-Crore IPO
Niva Bupa Health Insurance Co. has filed its preliminary papers with the market regulator to raise Rs 3,000 crore through an initial public offering.
The health insurer's issue will consist of a fresh issue of Rs 800 crore, and an offer-for-sale of up to Rs 2,200 crore, according to the draft red herring prospectus filed with the Securities and Exchange Board of India.
Under the offer-for-sale, promoter Bupa Singapore Holdings Pte. will offload shares worth Rs 320 crore, while Fettle Tone LLP will sell stake to the tune of Rs 1,880 crore.
Niva Bupa Health Insurance, formerly known as Max Bupa Health Insurance Co., is a joint venture between Fettle Tone LLP—a special purpose vehicle of True North Fund VI LLP—and UK-based healthcare services expert, Bupa.
ICICI Securities Ltd., Morgan Stanley India Co., Kotak Mahindra Capital Co., Axis Capital Ltd., HDFC Bank Ltd., and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers for the IPO.
The proceeds from the issue will be used to augment the company's capital base to strengthen solvency levels and for general corporate purposes.
Founded in 2008, Bupa was a founding shareholder of the insurance giant. Later, True North became Niva Bupa's majority shareholder in 2019 by acquiring a stake for Rs 511 crore.
The health insurance company has a network of over 10,000 hospitals and has settled about 91.6% of claims, according to its website. Niva Bupa became India's third-largest retail health insurer, clocking in more than Rs 4,000 crore in gross written premiums in fiscal 2023.
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