Niva Bupa Health Insurance IPO to Open on November 7, Priced at ₹70-₹74 per Share

 

Mumbai: “Niva Bupa Health Insurance Company Limited”, a leading standalone retail health insurer in India, is launching its initial public offering (IPO) with a price band set between ₹70 and ₹74 per equity share with a face value of ₹10 each. The IPO will open for subscription on Thursday, November 7, 2024, and close on Monday, November 11, 2024. Investors can bid in minimum lots of 200 equity shares, with additional bids in multiples of 200.

The offering comprises a fresh issue of up to ₹800 crore and an offer for sale of up to ₹1,400 crore by Bupa Singapore Holdings PTE. Ltd. and Fettle Tone LLP. Funds from the fresh issue, up to ₹1,500 crore, will support Niva Bupa's capital base to enhance solvency levels and general corporate needs.

Niva Bupa's mission is to make healthcare accessible to all Indians, offering health insurance products with a “digital-first” approach that leverages technology throughout the customer journey. The company insures nearly 15 million lives and holds a significant position in the health insurance sector. In Fiscal 2024, it ranked as the 3rd largest and 2nd fastest-growing standalone retail health insurer (SAHI) based on gross direct premium income (GDPI), with an impressive 41.37% CAGR in overall health GDPI from Fiscal 2022 to 2024, nearly double the industry’s growth average.

'Niva Bupa' applies machine learning algorithms to combat fraudulent claims, optimizing fraud detection and reducing investigation referrals, thus maintaining a seamless customer experience. Its market share in the SAHI segment reached 16.24% in Fiscal 2024, with a further increase to 17.29% by August 31, 2024.

ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors are the book-running lead managers, while KFin Technologies is the registrar. The IPO allocation is structured as follows: a minimum of 75% for qualified institutional buyers, up to 15% for non-institutional bidders, and 10% for retail individual bidders.