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19 Nov 2024
Niva Bupa, an Indian health insurer predominantly owned by British United Provident Fund (Bupa), has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore (approximately $360 million).
The draft papers showed on Monday.
The company plans to issue fresh shares worth up to eight billion rupees as part of the IPO.
The proceeds from these new shares will be used to bolster its balance sheet and cover operating expenses.
Existing shareholders, including Bupa Singapore Holdings and Fettle Tone, will sell shares worth up to Rs 2,200 crore.
As of the end of fiscal 2024, Niva Bupa's borrowings remained steady at 2.50 billion rupees for the third consecutive fiscal year.
The company’s total income, encompassing net premium income, investment income, and other income, saw a 44% year-on-year increase.
The IPO will be managed by ICICI Securities, Morgan Stanley, Kotak Mahindra Capital, and Axis Capital.
This move comes as India's IPO market is thriving, with over 100 companies raising around $4 billion this year, more than double the amount raised by the same time last year, according to LSEG data.
This surge is supported by a booming domestic equity market and prospects of strong economic growth.
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