Bengaluru: Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore, draft papers showed on Monday.
The company, majority owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to Rs 800 crore as part of the offering.
It aims to use the proceeds from that sale to strengthen its balance sheet and for operating expenses.
Existing shareholders Bupa Singapore Holdings and Fettle Tone, will sell shares up to Rs 2,200 crore, Niva Bupa added.
As of the end of fiscal 2024, the company's borrowings stood at Rs 250 crore rupees, unchanged for the third straight fiscal. Its total income, which comprises net premium income, investment income and other income, rose 44 per cent year-on-year.
ICICI Securities, Morgan Stanley, Kotak Mahindra Capital and Axis Capital were among the book-running managers to Niva Bupa's IPO.
The insurer is set to go public in India's booming IPO market.
More than 100 companies have raised around Rs 33,356 crore in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.
Published 01 July 2024, 06:56 IST