The IPO with a face value of Rs 10 each is a mix of fresh issuance of Rs 800 crore and an offer for sale of up to Rs 2,200 crore by promoter and existing investors. Under the OFS, Bupa Singapore Holdings and Fettle Tone will offload their stakes.
The company, in consultation with the book-running lead manager, may consider an issue of specified securities up to Rs 160 crore as a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
About 75% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.
The company intends to utilise the net proceeds from the fresh issuance to the extent of Rs 625 towards augmentation of its capital base to strengthen solvency levels and for general corporate purposes.Niva Bupa Health Insurance Company is one of India’s largest and fastest growing standalone retail health insurers (SAHI) in India, with a gross direct written premium (GDPI) of Rs 5,499.43 crore in FY24 . Its market share in the Indian SAHI market was 16.24% for FY24, based on retail health GDPI.As of March 2024, Niva Bupa has insured 14.73 million lives. According to the Redseer report, Niva Bupa’s overall direct sales channel was the highest amongst SAHIs in terms of total health GDPI contribution in the fiscal year 2024.Also Read: Emcure Pharmaceuticals IPO: 10 things to know before subscribing to the issue
Its gross written premium from direct sales online increased to Rs 733 crore in fiscal 2024 from Rs 528 crore in FY22 through continued investments in search engine optimization and marketing on our online platform as well as building hyper-personalized and event-based digital marketing capabilities.
The company has expanded its network of hospitals from 8,562 in March 2022 to 10,460 by March 2024, with one of the largest networks providing cashless treatment. Among these, 326 are Preferred Partner Network (PPN) Hospitals, offering additional benefits such as free ambulance services, designated relationship managers, and discounts on pharmacy, diagnostics, and consultations even after discharge.
ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the book-running lead managers for the IPO and KFin Technologies is the registrar of the offer.
Meanwhile, Sagility India, one of the largest technology-enabled, pure-play healthcare focused solutions and services providers, has also filed its draft papers for an IPO.
The IPO, with a face value of Rs 10 per equity share, is entirely an offer for sale of up to 98.4 crore equity shares by Sagility BV, the promoter selling shareholder. The offer includes a reservation for subscription by eligible employees.
About 75% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 10% for retail investors.
Established in 2021, the Bengaluru based company provides technology-driven services to both payers and providers, covering core benefits administration and clinical services.
