Niva Bupa Health Insurance Company Limited IPO
Niva Bupa Health Insurance Company Limited IPO
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Niva Bupa Health Insurance Company Limited's completed its IPO journey with a successful listing on NSE, BSE on 14-02-2025. The public offering mobilized 29,72,97,296 Shares in total capital, comprising 10,81,08,108 Shares in fresh equity and ₹1400.00 Cr in Offer for Sale shares from existing stakeholders.
The offering was conducted within the price band of ₹70 to ₹74, with minimum application lots of 200 shares. Investor participation during the 07-11-2024 to 11-11-2024 subscription window determined the final allocation pattern.
The basis of allotment was announced on 12-11-2024, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Niva Bupa IPO About Company
Incorporated in 2008, Niva Bupa Health Insurance Company Limited is a joint venture between the Bupa Group and Fettle Tone LLP, offering health insurance plans for individuals, families, and corporate employees across India. The company has a strong digital presence through its mobile app and website, which allow customers to access various health services easily. As of March 31, 2024, Niva Bupa covered 14.73 million active lives across 22 states and four union territories, and its Gross Written Premium grew at a CAGR of 41.27% between FY22 and FY24. The company uses advanced machine learning tools, real-time CRM dashboards, and personalized product recommendations to improve customer engagement, supported by a telemarketing team of 410 employees and a dedicated tech team of 126 professionals who work on enhancing digital systems and applications.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Niva Bupa IPO Strength Factors
- Retail-Centric Growth Strategy: Focus on increasing GWP, improving capital efficiency, and driving profitability in the retail health insurance segment.
- Diverse and Innovative Products: Wide product portfolio tailored to varied customer needs, backed by consistent innovation capability.
- Tech-Led Customer Experience: Automated, technology-driven service approach ensures faster, smoother, and more efficient customer interactions.
Niva Bupa IPO Risk Factors
- Underwriting & Pricing Risk: Profitability hinges on precise underwriting and pricing; any misjudgment in medical expenses or claim frequency can adversely affect margins.
- High Dependence on Health Insurance: Over-reliance on the health insurance segment exposes the business to regulatory changes and market uncertainties.
- Product Fit & Profitability Challenges: Inability to continuously align retail health products with evolving customer needs — while maintaining profitability — could restrict growth and impact business performance.
Niva Bupa IPO Lead Manager(s)
- ICICI Securities Limited
- Morgan Stanley India Company Private Limited
- Kotak Mahindra Capital Company Limited
- Axis Capital Limited
- Motilal Oswal Investment Advisors Limited
Niva Bupa IPO Promoter(s)
- Bupa Singapore Holdings Pte. Ltd.
- Bupa Investments Overseas Limited.
Niva Bupa IPO FAQs
Niva Bupa Health Insurance Company Limited IPO subscribed 1.9 times. The public issue subscribed 2.88 times in the retail category,2.17times in QIB, and 0.7 times in the HNI (10+) category byNovember 18, 2025 10:40:52 AM (Day 18).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Niva Bupa IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Niva Bupa IPO FAQs
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