Mumbai: Niva Bupa Health Insurance Company Limited, one of India’s largest and fastest growing standalone retail health insurer (SAHI) based on overall health GDPI in Fiscal 2024, is coming out with its maiden IPO priced at Rs 70 to Rs 74 per Equity Share – aggregating to Rs 2,200 crores.
The IPO — which will open on November 7, 2024 and close on November 11, 2024 — is a mix of fresh issue of upto Rs 800 crore and an offer of sale upto Rs 1,400 crore by Bupa Singapore Holdings Pte. Ltd., Fettle Tone LLP.
Krishnan Ramachandran, MD & CEO, said that Rs 1,500 crore from its fresh issuance will be utilized for augmentation of capital base to maintain and strengthen solvency levels; and general corporate purposes.
Highlighting Niva Bupa Health Insurance Company Limited’s effort to enable customers to navigate their healthcare journey by accessing its health insurance products and services, he said Niva Bupa adopts a “digital-first” approach in their business and implements technology integration across every step of the customer journey including customer onboarding, underwriting, claims and renewals.
He said Niva Bupa is India’s 3rd largest and 2nd fastest growing SAHI — based on Overall Health GDPI of Rs 54.94 billion in Fiscal 2024, which grew at a CAGR of 41.37% from Fiscal 2022 to 2024 — almost double of the industry’s average.
From Fiscal 2022 to Fiscal 2024, Niva Bupa’s overall GWP increased at a compound annual growth rate (CAGR) of 41.27%, while its retail health GWP grew at a CAGR of 33.41%. The company’s overall health GDPI growth of 41.37% during this period is one of the highest among SAHIs and nearly double the industry’s average growth rate of 21.42%, as reported by Redseer.
For the three months ended June 30, 2024, the overall GWP grew at 30.84% and its GWP from retail health grew at 31.99%.
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 to the offer.
