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Private equity firm, True North led Niva Bupa Health Insurance has received SEBI’s go ahead with its IPO.
The health insurer plans to raise Rs.3000 crore through IPO.
The company intends to utilize the net proceeds from the fresh issuance to the extent of Rs. 625 crore towards augmentation of its capital base to strengthen solvency levels and for general corporate purposes.
Niva Bupa Health Insurance Company is a standalone health insurer (SAHI) in India, with a gross direct written premium (GDPI) of Rs.5,500 crore in FY 2024. According to Redseer, Niva Bupa's market share in the Indian SAHI market was 16.24% for FY 2024, based on retail health GDPI.
Niva Bupa is the second SAHI to eye the Indian bourses through IPO after Star Health & Allied Insurance Company.
The company has 1.43 lakh agents with 210 branch offices across the country.
ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the lead managers and KFin Technologies is the registrar of the offer.