Health Insurer Niva Bupa gets Sebi nod for Rs 3,000 crore IPO. Details here

Niva Bupa Health Insurance, previously known as Max Bupa has got the green light from the Securities and Exchange Board of India (Sebi) to raise a whopping Rs 3,000 crore through its upcoming initial public offering (IPO).
The IPO, which the company filed for back in June, will consist of a mix of Rs 800 crore in fresh shares and an offer for sale (OFS) that includes Rs 320 crore from Bupa Singapore Holdings and Rs 1,880 crore from Fettle Tone LLP.
About Rs 625 crore will be directed toward boosting its capital base to enhance solvency levels, along with some funds for general corporate needs.
Niva Bupa isn’t just another name in the health insurance game. With a Gross Direct Written Premium (GDPI) of Rs 5,499.43 crore in FY24, they’ve carved out a solid 16.24% share of the standalone health insurance market. The company has also embraced a “digital-first” strategy, integrating tech into every part of their customer journey—think onboarding, underwriting, claims, and renewals.
Niva Bupa stands out as the third-largest and the second-fastest-growing standalone health insurer in the country, clocking 41.37% CAGR over the last two years, nearly double the industry average.
As of March 31, 2024, Niva Bupa boasted over 143,000 agents and 210 physical branches across 22 states and four union territories. They’ve got partnerships with major banks like HDFC and Axis, which helps expand their reach.
What’s particularly noteworthy is their claims settlement ratio of 91.93%. They’re efficient too, with 81.50% of cashless claims approved in under 30 minutes and a reputation for processing pre-authorized claims faster than their competitors.
ICICI Securities Limited, Morgan Stanley India Company Private 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 of the offer.