Niva Bupa, an Indian health insurer, has filed draft papers for an initial public offering (IPO) aimed at raising up to 30 billion rupees (approximately $360 million), according to announcements made on Monday.
Majority-owned by British United Provident Fund (Bupa), Niva Bupa plans to issue fresh shares worth up to eight billion rupees as part of the offering. The funds raised will be utilized to bolster its balance sheet and cover operating expenses. Additionally, existing shareholders Bupa Singapore Holdings and Fettle Tone intend to sell shares worth up to 22 billion rupees.
As of the end of fiscal 2024, Niva Bupa’s borrowings remained steady at 2.50 billion rupees for the third consecutive fiscal year. The company reported a significant year-on-year increase of 44% in total income, comprising net premium income, investment income, and other sources.
Leading book-running managers for Niva Bupa’s IPO include ICICI Securities, Morgan Stanley, Kotak Mahindra Capital, and Axis Capital. The insurer’s move to go public comes amid India’s thriving IPO market, where over 100 companies have collectively raised about $4 billion this year, more than double the amount from the same period last year. The domestic equity market is currently at an all-time high, buoyed by expectations of robust economic growth.
