Niva Bupa Health Insurance's INR2.97 Billion IPO Successfully Raises Capital

Mumbai: Niva Bupa Health Insurance, India’s leading health insurance provider, has successfully completed its Initial Public Offering (IPO) worth INR2.97 billion (USD260 million), with the shareslisting on both the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).

Cyril Amarchand Mangaldas (CAM) acted as Indian legal counsel to Niva Bupa, while Shardul Amarchand Mangaldas & Co (SAM) advised the book running lead managers for the IPO. White & Case provided international legal counsel to the book running lead managers.

The IPO involved the issuance of 297.3 million equity shares with a face value of INR10 each and began trading on November 14, 2024. The offering included a fresh issue of 108.1 million equity shares worth about INR 8 billion and an offer for sale of 189.2 million equity shares valued at INR14 billlion by the selling shareholders.

The transaction was led by CAM partner Gokul Rajan, who stated that he was delighted to be part of this challenging and groundbreaking transaction. CAM partner Abhiroop Lahiri received assistance from associates in advising Bupa Singapore Holdings and Fettle Tone during the offering period.

Shardul Amarchand Mangaldas & Co's senior partner Yash Ashar worked alongside Rajan, supported by associates, to navigate through the complex deal. The team also drew guidance from regulatory practice and insurance expert Avni Kumar Srivastava.

According to SAM, the IPO opened on November 7, 2024, and closed on November 11, 2024, having received an overall oversubscription of 1.8 times. The qualified institutional buyers' portion was oversubscribed by 2.06 times, while the retail portion witnessed a 2.73 times oversubscription.

Funded in 2008, Niva Bupa provides a range of health insurance products across India and has become one of the country's top health insurance providers.

The successful IPO marks an exciting milestone for Niva Bupa Health Insurance as it strives to expand its offerings and cater to growing demands in the healthcare sector.