Niva Bupa Health Insurance Company Ltd and Paras Healthcare Ltd, both prominent players in their respective industries, have received approval from the Securities and Exchange Board of India (SEBI) to float Initial Public Offerings (IPOs). According to SEBI’s update, both companies had filed their draft papers in July-August and received observations on October 18, indicating the regulatory green light for public listings.
Niva Bupa Health Insurance, formerly Max Bupa Health Insurance, plans to raise Rs 3,000 crore through a combination of fresh equity issuance and an Offer for Sale (OFS).
The IPO will consist of Rs 800 crore in fresh equity shares, while shares worth Rs 2,200 crore will be offloaded through the OFS by promoter Bupa Singapore Holdings Pte Ltd and investor Fettle Tone LLP.
Niva Bupa plans to use Rs 625 crore from the fresh issuance to strengthen its capital base and improve solvency levels.
Paras Healthcare, operating under the ‘Paras Health’ brand, aims to raise Rs 400 crore through the IPO, which includes fresh equity issuance and an OFS of up to 1.5 crore shares by promoter Dharminder Kumar Nagar and investor Commelina Ltd.
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The funds raised will be used to reduce debt and invest in subsidiaries, including Paras Healthcare (Ranchi) Pvt Ltd and Plus Medicare Hospitals Pvt Ltd.
Both companies’ shares will be listed on the BSE and NSE following the IPO.
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