Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co and White & Case have counselled on Niva Bupa Health Insurance’s INR2.97 billion (USD260 million) IPO in India.
The IPO involved the issuance of 297.3 million equity shares with a face value of INR10 each, which began trading on both the BSE and the National Stock Exchange of India on 14 November 2024.
Cyril Amarchand Mangaldas (CAM) acted as Indian legal counsel to Niva Bupa Health Insurance and its selling shareholders, Bupa Singapore Holdings and Fettle Tone.
“We were delighted to be a part of this challenging and groundbreaking transaction.,” said Gokul Rajan, lead partner for CAM.
“The deal involved several complexities and innovations in the Indian market, and also represents the first listed entity amongst the promoter’s global businesses. It was a pleasure working with the entire deal team on this, and it’s a testament to CAM’s expertise that we were entrusted with this transaction.”
Senior partner Yash Ashar and Rajan led the team with help from associates Priyanka Khetwal, Aarushi Jain, Dhawal Nirash, Ritvik Maheshwari and Avni Kumar Srivastava.
CAM partner Abhiroop Lahiri received assistance from associates Ayushi Tiwari and Jayadeep Manchikalapudi and Rukman Banka as they advised Bupa Singapore Holdings and Fettle Tone. The regulatory practice and insurance teams also provided support.
The offering included a fresh issue of 108.1 million equity shares worth about INR 8 billion and an offer for sale of 189.2 million equity shares valued at INR14 billlion by the selling shareholders.
Shardul Amarchand Mangaldas & Co (SAM) advised the book running lead managers for the IPO including ICICI Securities, Axis Capital, HDFC Bank, Kotak Mahindra Capital, Motilal Oswal Investment Advisors and Morgan Stanley India.
SAM partners Prashant Gupta and Abhiroop Amitava Datta led the team, who had the support of senior associate Ankur Verma as well as associates Sridutt Mishra, Purva Mishra, Mansie Jain and Mathangi K. White & Case acted as international legal counsel to the book running lead managers.
The IPO opened on 7 November 2024 and closed on 11 November 2024, having received an overall oversubscription of 1.8 times. The qualified institutional buyers’ portion was oversubscribed by 2.06 times, while the retail portion witnessed a 2.73 times oversubscription.
Funded in 2008, Niva Bupa provides a range of health insurance products across India.
