Niva Bupa Health Insurance, backed by True North, has made a significant move towards entering the public markets by filing its draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) on Monday.
The company aims to raise approximately Rs 3,000 crore (approximately $360 million) through an initial public offering (IPO).
Fundraising Details: The IPO includes a fresh issue of Rs 800 crore for the public and an offer for sale (OFS) of up to Rs 2,200 crore by existing shareholders.
Shareholders’ Offer For Sale: Existing shareholders Bupa Singapore Holdings Pte and Fettle Tone LLP plan to sell up to Rs 320 crore and Rs 1,880 crore worth of shares, respectively.
Stakeholding: Bupa Singapore Holdings currently holds a 62.27% stake in Niva Bupa, while Fettle Tone LLP holds a 27.86% stake.
Financial Advisors: The IPO will manage by Morgan Stanley India, Kotak Investment Capital, Axis Capital, ICICI Securities, and HDFC Bank.
Strategic Positioning: Niva Bupa aims to become the second stand-alone health insurer to list on Indian stock exchanges, following Star Health Insurance.
In September last year, True North, a prominent private equity firm, sold a 20% stake in Niva Bupa Health Insurance to Bupa for Rs 2,700 crore.
This transaction valued Niva Bupa at Rs 13,500 crore, setting the stage for its upcoming IPO.
Meanwhile, the IPO is likely to enhance Niva Bupa’s financial flexibility and market presence, catering to the growing demand for health insurance in India.
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