BENGALURU, July 1 – Niva Bupa, an Indian health insurance provider, has officially filed for an initial public offering (IPO) to raise up to 30 billion rupees (approximately $360 million), according to draft papers released on Monday.
Majority-owned by the British United Provident Fund (Bupa), Niva Bupa plans to issue fresh shares worth up to eight billion rupees as part of the offering. The proceeds from this issuance are intended to strengthen the company’s balance sheet and cover operational expenses.
In addition to the new shares, existing shareholders Bupa Singapore Holdings and Fettle Tone will sell shares worth up to 22 billion rupees.
As of the end of fiscal year 2024, Niva Bupa’s borrowings stood at 2.50 billion rupees, a figure that has remained unchanged for three consecutive fiscal years. The company’s total income, which includes net premium income, investment income, and other sources, saw a significant year-on-year increase of 44%.
The IPO is being managed by a consortium of leading financial institutions, including ICICI Securities, Morgan Stanley, Kotak Mahindra Capital, and Axis Capital.
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