Informative

Niva Bupa Health Insurance files papers for ₹3000-crore IPO

Update / Judgement Date

01 Jul 2024

Source

CNBC TV18

Author

Team — WCP Legal Desk

Reading Time

1 min read

InsuranceSEBI & SCRA

Niva Bupa Health Insurance Company Ltd., formerly Max Bupa, has filed with Sebi to raise ₹3,000 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issuance of equity shares worth ₹800 crore and an offer for sale of ₹2,200 crore by Fettle Tone LLP and Bupa Singapore Holdings Pte Ltd. Fettle Tone will sell ₹1,880 crore worth of shares, while Bupa Singapore will offload ₹320 crore. The company plans to use ₹625 crore of the fresh issue proceeds to bolster its capital base and strengthen solvency levels. Niva Bupa, a leading standalone health insurer, reported a 37.68% increase in Gross Written Premium to ₹5,607.57 crore for FY24.

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Niva Bupa Health Insurance files papers for ₹3000-crore IPO

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