NIVA BUPA HEALTH INSURANCE COMPANY LIMITED (MAINBOARD)

Nov 7, 2024 - Nov 11, 2024

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IPO Details

Total Issue Size	[297,297,297] shares (aggregating up to 2200 Cr)
Fresh Issue	[108,108,108] shares (aggregating up to 800 Cr)
Offer Of Sale	[189,189,189] shares (aggregating up to 1400 Cr)
Issue Type	Book Built Issue IPO
Listing At	NSE,BSE
Share holding pre issue	1,700,122,985 Equity Shares
Share holding post issue	1,808,231,093 Equity Shares

IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Net Issue
Retail Shares Offered	Not more than 10% of the Net Issue
NII (HNI) Shares Offered	Not more than 15% of the Net Issue

Key Performance Indicators

KPI	Jun-24	Mar-24	Mar-23
RONW	-0.92%	5.68%	1.87%
D/E	0.12	0.26	0.12
EPS (basic)	-0.11	0.51	0.09
P/E Pre IPO	153.7	153.7
P/E Post IPO	-177.74	163.48

Financial Statement (Restated)

Period Ended	Jun-24	Mar-24	Mar-23	Mar-22
Assets	6,542	6,191	3,876.57	2,738.44
Revenue	1,124	4,118	2,859.24	1,884.54
Profit After Tax	-18.82	81	12.54	-196.53
Net Worth	2,031	2,049	831.12	507.65
Reserves and Surplus	1,282	1,282	334.26	125.4
Total Borrowing	250	250	250	250
Amount in Crore

About Company

Incorporated in 2008, Niva Bupa Health Insurance Company Limited is a joint venture between the Bupa Group and Fettle Tone LLP, offering a broad range of health insurance solutions in India. The company’s offerings cater to both individuals and families through retail products and to employers and employees with group insurance plans. Niva Bupa Health Insurance stands out for its comprehensive digital ecosystem, accessible via the Niva Bupa Health mobile app and website, which connects users with a full suite of health services. As of March 31, 2024, the company insured 14.73 million active lives and operated across 22 states and four union territories in India. Its Gross Written Premium (GWP) displayed robust growth, with an overall CAGR of 41.27% between Fiscal Years 2022 and 2024, while retail health GWP rose by 33.41% during the same period. The company leverages advanced machine learning, a real-time CRM dashboard, and personalized product recommendations to enhance customer engagement through its telemarketing team, which comprises 410 employees. Niva Bupa also has a dedicated technology function with 126 employees focused on developing digital assets, applications, and software to drive its technological capabilities.

1. ICICI Securities Limited
2. Morgan Stanley India Company Private Limited
3. Kotak Mahindra Capital Company Limited
4. Axis Capital Limited
5. HDFC Bank Limited
6. Motilal Oswal Investment Advisors Limited

Granular Retail Focus: Strong emphasis on driving growth in Gross Written Premium (GWP), capital efficiency, and profitability in the retail health insurance segment.

Diverse Product Suite & Innovation: Comprehensive product offerings tailored for various customer needs, supported by a proven track record in product innovation.

Technology-Driven Service: Automated, technology-led approach to customer service, ensuring efficient and seamless customer experiences.

Underwriting and Pricing Risks: Profitability relies heavily on effective management of underwriting risks and accurate pricing of products; misestimation of medical expenses or claim frequency could negatively impact financial performance.

Market Dependence on Health Insurance: A substantial reliance on health insurance makes the company vulnerable to adverse market trends or regulatory changes impacting the sale and performance of health insurance products.

Product Alignment and Profitability: Failure to adapt products, particularly retail health insurance, to meet customer needs profitably could materially affect business outcomes and growth potential.

KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: nivabupa.ipo@kfintech.com         
Website: https://kosmic.kfintech.com/ipostatus/