Mr. Krishnan Ramachandran, MD & CEO at their IPO announcement held in Mumbai
(L-R) Mr. Krishnan Ramachandran, MD & CEO, and Mr. Vishwanath Mahendra, CFO at their IPO announcement held in Mumbai
This means Niva Bupa Health Insurance IPO subscription date begins on Thursday this week. The public issue will open for anchor investors on Wednesday, November 6th, 2024.A bidder can apply in lots, and one lot of the book build issue comprises 200 company shares.
The insurance and healthcare company aims to generate Rs. 2,200 crore from this initial offer, of which Rs. 800 crore is aimed at issuing fresh shares. The remaining Rs. 1,400 crore will be reserved for the Offer for Sale (OFS) route.
Under the OFS, investor Fettle Tone LLP will sell shares to the tune of Rs 880 crore, and promoter Bupa Singapore Holdings Pte Ltd will offload shares valued at Rs. 320 crore.
Niva Bupa is majorly controlled by Bupa, an international healthcare company headquartered in the UK. At present, Bupa Singapore Holdings Pte owns a 62.27% stake, while Fettle Tone LLP holds a 27.86% stake in the insurance firm.
The company intends to utilise the net proceeds from the fresh issuance to the extent of Rs. 625 crore towards boosting its capital base to strengthen solvency levels; besides, a portion will be used for general corporate purposes.This will be the second standalone health insurer looking to float an IPO, after Star Health & Allied Insurance Company.
The company 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.
The company’s products are broadly categorised into retail products designed for individuals and families.
Niva Bupa Health Insurance Ltd is one of India’s largest and fastest growing SAHI based on Overall Health GDPI of INR 54.94 Bn in Fiscal 2024, as per Redseer report. Niva Bupa’s purpose is to “give every Indian the confidence to access the best healthcare” through their health insurance products and services that enable customers to navigate their healthcare journey, by providing them access to a holistic health ecosystem. Niva Bupa adopts a “digital-first” approach in their business and implements technology integration across every step of the customer journey, including customer onboarding, underwriting, claims and renewals. The company had 14.99 million active lives insured as of June 30, 2024
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE and NSE.
ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors are the book-running lead managers of the Niva Bupa Health Insurance IPO.
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