True North, a prominent private equity firm, is leading Niva Bupa Health Insurance Ltd. (formerly known as Max Bupa Health Insurance) as it plans to raise ₹3,000 crore through an initial public offering (IPO).
The IPO will consist of a fresh issue of equity shares worth ₹800 crore and an offer for sale (OFS) valued at ₹2,200 crore.
Investor Fettle Tone LLP will sell shares worth ₹1,880 crore under the OFS, while Bupa Singapore Holdings Pte Ltd, the promoter, will offload shares worth ₹320 crore.
Niva Bupa is mainly controlled by Bupa, a UK-based international healthcare company, holding 62.27% stake in the company, while Fettle Tone LLP holds 27.86% stake.
The net proceeds from the fresh issue, amounting to ₹625 crore, will be used to strengthen the capital base and improve solvency levels, along with other corporate purposes. This will be the second standalone health insurer after Star Health & Allied Insurance Company to float an IPO in India.
SEBI has given its final observation to the IPO after the company filed papers on June 29, 2024. The equity shares are set to be listed on both the BSE and NSE.
ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal are the lead managers for the offering.
Related Tags
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2025, IIFL Capital Services Ltd. All Rights Reserved
IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
