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Niva Bupa Health Insurance files for a ₹3,000 Cr IPO, with ₹800 Cr as fresh issue and ₹2,200 Cr as OFS. Niva Bupa operates 210 branches across 22 states and four UTs in India. Its PAT rose to ₹81.85 Cr in FY24 from ₹12.54 Cr in FY23.
Niva Bupa Health Insurance Company Ltd, previously Max Bupa Health Insurance, has submitted initial documents to SEBI to launch an IPO aiming to raise ₹3,000 crore.
The IPO will include a fresh issuance of equity shares valued at ₹800 crore and an offer for sale (OFS) up to ₹2,200 crore by a promoter and an investor shareholder, as per the draft prospectus.
The company has also indicated a potential pre-IPO placement of securities worth up to ₹160 crore. If completed, this will reduce the fresh issue size proportionately.
Niva Bupa intends to utilise ₹625 crore from the fresh issuance to enhance its capital base, strengthening solvency levels, with the remaining amount allocated for general corporate purposes.
Additional Read: IPO Allotment Process
In FY24, the company achieved a Gross Direct Written Premium (GDPI) of ₹5,499.43 crore. The Gross Written Premium (GWP) increased by 37.68%, from ₹4,073.03 crore in FY23 to ₹5,607.57 crore in FY24. Its PAT surged to ₹81.85 crore in FY24 from ₹12.54 crore in FY23.
As of March 31, 2024, Niva Bupa operates 210 physical branches across 22 states and four union territories in India. The company has a significant agent network with 143,074 agents and distributes products through 64 banks and other corporate agents.
Additional Read: Registrar and Transfer Agents
ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors are the book-running lead managers for the offer.
The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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