Niva Bupa files DRHP for Rs3,000 cr IPO
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Mumbai: Leading health insurer Niva Bupa on Monday filed its draft red herring prospectus (DRHP) with the markets regulator Securities Exchange Board of India (SEBI) to raise about Rs 3,000 crore ($360 million) via an initial public offering (IPO).
The draft papers filed by True North-backed Niva Bupa Health Insurance Company Ltd have a fresh issue of Rs 800 crore for the public and an offer for sale (OFS) of up to Rs 2,200 crore by existing shareholders.
The OFS comprises up to Rs 320 crore shares by Bupa Singapore Holdings Pte and Rs 1,880 crore by Fettle Tone LLP. Bupa Singapore Holdings has a 62.27 per cent stake in the health insurer while Fettle Tone LLP has a 27.86 per cent stake in the company. Morgan Stanley India, Kotak Investment Capital, Axis Capital, ICICI Securities and HDFC Bank have been hired for the IPO, according to reports.
