Niva Bupa IPO Kicks Off

7 Nov 2024 , 11:41 AM

Ahead of its initial public offering (IPO), which opens for subscriptions today, Niva Bupa Health Insurance Company has raised approximately ₹990 crore from anchor investors.

According to the exchange filing, the health insurer distributed 13,37,83,783 equity shares to 32 anchor investors at the top end of the pricing range, at ₹74 per share. Six domestic mutual funds received 27.78% of the total allocation.

Both local and international organisations participated in the anchor book, including some well-known investors as Morgan Stanley Investment Fund, Tata Balance Advantage Fund, Axis Mutual Fund, Amansha Holdings, Zulia Investments, A91 Emerging Fund II LLP, and Nippon Life.

The health insurer, formerly known as Max Bupa, is set to launch its ₹2,200 crore initial public offering (IPO) today and finish it on November 11. The issue of the international private equity firm True North-backed company consists of an offer to sell 18.92 crore shares, totalling ₹1,400 crore, and a new issue of 10.81 crore shares, valued at ₹800 crore. Bupa Singapore Holdings Pte. Ltd. and Fettle Tone LLP will be selling their shares in the business in accordance with the OFS.

A joint venture between Fettle Tone LLP and the Bupa Group, Niva Bupa Health Insurance was established in 2008 and offers health insurance. Currently, 62.27% of the business is owned by promoters Bupa Singapore Holdings Pte. Ltd and Bupa Investments Overseas Limited.

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