Niva Bupa Health Insurance Sets Eyes on ₹2,200 Crore IPO

4 Nov 2024 , 12:36 PM

The private health insurer Niva Bupa Health Insurance Company has chosen to open its Rs ₹2,200-crore initial share sale for subscription on November 7 and has submitted a red herring prospectus to the Registrar of Companies. The company has fixed the price band for its initial public offer (IPO) at ₹70-74 per share.

The IPO consists of both a new issue of equity shares valued at ₹800 crore and a promoter’s offer to sell shares valued at ₹1,400 crore.

In the offer-for-sale, promoters Bupa Singapore Holdings Pte and Fettle Tone LLP, a worldwide private equity entity owned by True North, would sell shares valued at Rs 350 crore and Rs 1,050 crore, respectively.

Promoters own 89.07% of the company’s shares, which includes 26.80% held by Fettle Tone LLP and 62.19% held by Bupa Singapore Holdings Pte.

A91 Emerging Fund II LLP (1.03$), V-Sciences Investments Pte (2.60%), SBI Life Insurance Company (1.3%), and India Business Excellence Fund IV (2.81%) are the largest public shareholders.

By this coming Monday, the corporation will reveal the pricing range for the public offering. On November 6, the anchor book will open for institutional investors, and on November 11, the issue will close for all investors.

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