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Niva Bupa Health Insurance IPO is a book-built issue of Rs 2,200.00 crores. The issue is a combination of a fresh issue of 10.81 crore shares aggregating to Rs 800.00 crores and an offer for sale of 18.92 crore shares aggregating to Rs 1,400.00 crores.
Niva Bupa Health Insurance IPO opens for subscription on November 7, 2024, and closes on November 11, 2024. The IPO price band is set at ₹70 to ₹74 per share and the minimum lot size for an application is 200 Shares.
Company Summary
Incorporated in 2008, Niva Bupa Health Insurance Company Limited is a joint venture between the Bupa Group and Fettle Tone LLP that provides insurance in the health sector.
The company offers a holistic proposition by providing customers access to a comprehensive health ecosystem and service capabilities through its Niva Bupa Health mobile application and website.
The company’s products are broadly categorized into
- Retail products designed for individuals and families.
- Group products intended for employers and employees.
As of March 31, 2024, the company had 14.73 million active lives insured and the company is present across 22 states and four union territories in India.
From Fiscal Year 2022 to Fiscal Year 2024, the overall GWP grew at a CAGR of 41.27%, while GWP from retail health increased by 33.41%.
Competitive Strength:
- Diverse product range to suit customer’s needs
- An automated approach to customer service driven by technology.
- Bupa’s parentage and brand are associated with health insurance and healthcare
- The company’s expertise and experience in claims and provider management.
As of March 31, 2024, the company’s technology function had 126 employees who focused on developing digital assets, software, and mobile applications.
Company Financials
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 6,542.06 | 6,191.87 | 3,876.57 | 2,738.44 |
| Revenue | 1,124.90 | 4,118.63 | 2,859.24 | 1,884.54 |
| Profit After Tax | -18.82 | 81.85 | 12.54 | -196.53 |
| Net Worth | 2,031.77 | 2,049.59 | 831.12 | 507.65 |
| Reserves and Surplus | 1,282.44 | 1,282.02 | 334.26 | 125.40 |
| Total Borrowing | 250.00 | 250.00 | 250.00 | 250.00 |
Amount in ₹ Crore | ||||
Objectives of the issue
The company proposes to utilize the Net Proceeds towards the following objects:
1. Augmentation of its capital base to strengthen solvency levels.
2. General corporate purposes.
Promoters of the company: Bupa Singapore Holding Pte Ltd, Fettle Tone LLP*, and Bupa Investments Overseas Limited are the Promoters of the Company.
IPO details
| IPO Date | November 7, 2024 to November 11, 2024 |
| Listing Date | Thursday, November 14, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹70 to ₹74 per share |
| Lot Size | 200 Shares |
| Total Issue Size | 297,297,297 shares (aggregating up to ₹2,200.00 Cr) |
| Fresh Issue | 108,108,108 shares (aggregating up to ₹800.00 Cr) |
| Offer for Sale | 189,189,189 shares of ₹10 (aggregating up to ₹1,400.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 200 | ₹14,800 |
| Retail (Max) | 13 | 2600 | ₹192,400 |
| S-HNI (Min) | 14 | 2,800 | ₹207,200 |
| S-HNI (Max) | 67 | 13,400 | ₹991,600 |
| B-HNI (Min) | 68 | 13,600 | ₹1,006,400 |
Allotment Schedule
| Basis of Allotment | Tuesday, November 12, 2024 |
| Initiation of Refunds | Wednesday, November 13, 2024 |
| The credit of Shares to Demat | Wednesday, November 13, 2024 |
| Listing Date | Thursday, November 14, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 11, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not less than 10.00% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Issue |
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