SAM, CAM, White & Case act on Niva Bupa Health Insurance Co's ₹2,200 crore IPO

Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas (SAM) and White & Case LLP advised Niva Bupa Health Insurance Company Limited on its ₹2,200 crore Initial Public Offering (IPO).

Cyril Amarchand Mangaldas advised Niva Bupa Health Insurance Company and the Selling Shareholders as to Indian Law on this IPO.

Shardul Amarchand Mangaldas & Co advised the Underwriters, viz., ICICI Securities Limited, Morgan Stanley India Company Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, HDFC Bank Limited and Motilal Oswal Investment Advisors Limited on this IPO.

The transaction team consisted of Prashant Gupta (National Practice Head – Capital Markets), Abhiroop A. Datta (Partner), Ankur Verma (Senior Associate), Sridutt Mishra (Associate), Purva Mishra (Associate), Mansie Jain (Associate) and Mathangi K. (Associate).

White & Case LLP advised the Book Running Lead Managers (BRLMs) in the transaction.

The team was led by partners Rahul Guptan, John Cunningham, and Sonica Tolani, based in London, and included partners Kaya Proudian (Singapore), Steven Gee, David Johansen (both New York), and Sami Al-Louzi (Dubai). Local partner James Hsiao (Hong Kong) also contributed, along with associates Stephanie Zhao, Ji Yang Lim, and Rachna Talati (all Singapore), Hilda Leung, Royston Tan, and Yuning Zhou (all Hong Kong), Girindra Henriyono and Deborah Victoria (both Jakarta), Edward Lee (Sydney), and Daniel Park (New York).

The IPO comprised of a primary issuance of equity shares by the Company as well as secondary sale by its promoters, Bupa Singapore Holding Pte. Ltd (Bupa Group) and Fettle Tone LLP (True North).

The offering was oversubscribed 1.80 times overall, with the qualified institutional buyers’ component being subscribed 2.06 times and the retail investors’ component being subscribed 2.73 times.

The IPO opened on November 14 at ₹ 78.14 per share on the NSE against the offer price of ₹ 74, a premium of 5.59 percent.

On the BSE, the stock made a debut at ₹ 78.50 apiece, a premium off 6.08 percent. It further jumped 9.37 per cent to ₹ 80.94. The company's market valuation stood at ₹ 14,069.93 crore.

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