Additionally, Nippon India Mutual Fund (MF), Axis MF, Tata MF and DSP MF participated in the anchor round.
As per the circular, Niva Bupa has allotted 13.38 crore shares at Rs 74 to 32 funds. This brings the transaction size to Rs. 990 crores.
per share Rs. The issue with a price band of 70-74 will open for public subscription on November 7 and close on November 11.
Rs. 2,200 crore IPO at Rs. 800 crore in fresh issue of equity shares and by the promoters Rs. 1,400 crore is a combination of sales offers. The company reduced the issue size as it had previously raised Rs. 3,000 crore wanted to collect.
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Under OFS, Fatal Tone LLP Rs. 1,050 crore shares and Bupa Singapore Holdings Pte Ltd will sell Rs. 350 crore shares will be sold.
Currently, Bupa Singapore Holdings Pte holds a 62.19 percent stake, while Fettle Tone LLP holds a 26.8 percent stake in the insurance company.
The company intends to use the net proceeds from the fresh issue to enhance its capital base to strengthen its solvency level and a portion will be used for general corporate purposes.
This will be the second standalone health insurer to float an IPO after Star Health and Allied Insurance Company.
The company said 75 per cent of the issue size is reserved for qualified institutional buyers, 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.
Niva Bupa Health Insurance Company is one of the leading Standalone Retail Health Insurance (SAHI) in India with a turnover of Rs. 5,499.43 crore has a gross direct return premium (GDPI).
The gross return premium (GWP) of the insurance company in FY 2023 will be Rs. 4,073.03 crore to increase by 37.68 percent in FY 2024 to Rs. 5,607.57 crores. Further, the profit in FY 2024 is expected to be Rs. 81.85 crore in 2024 to Rs. 81.85 crores. 2023.
ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the book-running lead managers of the offer.
The equity shares are proposed to be listed on BSE and NSE.
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