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ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Financial institution, and Motilal Oswal Funding Advisors are the lead book-running managers.
Niva Bupa Well being Insurance coverage has filed a draft pink herring prospectus (DRHP) with the capital market regulator Sebi to boost Rs 3,000 crore through Preliminary Public Providing (IPO).
The IPO with a face worth of Rs 10 every is a mixture of contemporary issuance of Rs 800 crore and a suggestion on the market (OFS) of as much as Rs 2,200 crore by promoter and investor promoting shareholders. Out of complete OFS, Bupa Singapore Holdings Pte. Ltd will increase Rs 320 crore and as much as Rs 1880 crore by Fettle Tone LLP.
The corporate intends to utilise internet proceeds from the contemporary issuance to the extent of Rs 625 crore in direction of strengthening of their capital base and assist solvency ranges and for common company functions.
The fairness shares are proposed to be listed each on BSE and NSE.
The corporate, in session with the book-running lead supervisor, could take into account a problem of specified securities as much as Rs 160 crore as a “pre-IPO placement”. If such placement is accomplished, the contemporary concern measurement can be diminished.
The provide is being made by the Guide Constructing Course of, whereby not lower than 75 per cent of the provide shall be accessible for allocation on a proportionate foundation to Certified Institutional Consumers (QIB), no more than 15 per cent of the provide shall be accessible for allocation to Non-Institutional Bidders and less than 10 per cent of the provide shall be accessible for allocation to Retail Particular person Bidders.
The standalone well being insurer (SAHI) has a Gross Direct Written Premium (GDPI) of Rs 5,499.43 crore in FY2024. Its market share within the Indian SAHI market was 16.24 per cent for FY2024.
After itemizing, it is going to be the second SAHI after Star Well being & Allied Well being Insurance coverage to be listed. It will likely be the third non-life insurance coverage firm after New India Assurance and ICICI Lombard Basic Insurance coverage to be on the bourses.
ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Financial institution and Motilal Oswal Funding Advisors are the lead book-running managers.
First Printed: Jul 01 2024 | 1:31 PM IST
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