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Niva Bupa Health Insurance will launch its IPO on November 7. The health insurer has fixed the price band of Rs.70 to Rs.74 per equity share.
Investors can bid for a minimum of 200 equity shares and in multiples of 200 equity shares thereafter. The IPO is a mix of fresh issue of up to Rs. 800 crore and an offer of sale up to Rs.1,400 crore by Bupa Singapore Holdings.
The proceeds from its fresh issuance will be utilized to the extent of Rs. 1,500 crore for augmentation of capital base to maintain and strengthen solvency levels and general corporate purposes.
Currently, Niva Bupa is the third largest standalone health insurer based on overall health gross direct premium of Rs. 550 crore in FY 2024.
ICICI Securities Limited, Morgan Stanley India Company Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, HDFC Bank Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer.