Niva Bupa files DRHP for ₹3,000 Crore IPO

1 Jul 2024 , 12:50 PM

According to draft documents released on Monday, Indian health insurance Niva Bupa has filed for an IPO with the goal of raising up to ₹3,000 Crore, or roughly $360 million.

British United Provident Fund (Bupa) owns the majority of the company, and as part of the offering, the company announced it will issue new shares worth up to ₹800 Crore

It plans to pay operating expenses and enhance its balance sheet with the profits from that sale.

As stated by Niva Bupa, current shareholders Fettle Tone and Bupa Singapore Holdings will sell shares for up to ₹2,200 Crore.

For the third consecutive fiscal year, the company’s borrowings at the end of 2024 remained at ₹250 crore. Net premium income, investment income, and other income make up the company’s overall revenue, which increased 44% annually.

Axis Capital, Morgan Stanley, ICICI Securities, and Kotak Mahindra Capital were some of the book-running managers for Niva Bupa’s first public offering.

In the burgeoning Indian IPO market, the insurer is scheduled to go public.

Based on LSEG data, more than 100 companies have raised around $4 billion through initial public offerings (IPOs) so far this year, more than doubling the amount raised by this time last year. The domestic equity market is at an all-time high due to the expectation of robust economic development.

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