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Existing shareholders Bupa Singapore Holdings and Fettle Tone, will sell shares up to Rs 2,200 crore, Niva Bupa added.
Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore (nearly $360 million), 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 8 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, 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 01 2024 | 10:20 AM IST