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India’s Niva Bupa Well being Insurance coverage Firm (Niva Bupa) is getting ready for an IPO, with the intention of garnering $361.54m (Rs30.04bn), reported the the Financial Occasions (ET), citing sources.
The well being insurer is a three way partnership (JV) between UK-based British United Provident Affiliation (Bupa) and Indian non-public fairness investor True North.
Sources informed the publication that Niva Bupa has employed funding bankers comparable to Kotak Mahindra Capital, ICICI Securities and Morgan Stanley to handle the IPO.
At present, Bupa holds a 63% stake within the JV, whereas True North has a 28% share.
The remaining possession is break up between different monetary traders and staff, holding 7% and a pair of%, respectively.
The IPO will embrace each recent issuances and a proposal on the market, though particulars of the proportions haven’t been disclosed.
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One of many sources was quoted by the publication as saying: “The well being insurer has enlisted the companies of three bankers for its Rs30bn public challenge, primarily aimed toward augmenting fairness capital to make sure the solvency ratio stays above the regulatory necessities.”
In keeping with ET, Niva Bupa is among the many high stand-alone medical health insurance suppliers within the nation and a key participant within the total medical health insurance market in India.
The corporate’s product portfolio contains crucial sickness, private accident and abroad medical insurance coverage insurance policies.
An e mail looking for Niva Bupa’s feedback on the matter didn’t draw a response.
In September 2023, True North agreed to promote a 20% stake in Niva Bupa to Bupa for roughly Rs27bn.
This stake was initially acquired by True North from Max in 2019.
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