With D-Street debut, Niva Bupa gets a capital shot in the arm
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Mumbai : Niva Bupa debuted on the stock exchanges Thursday with a 5% premium, becoming India’s first listed multinational health insurer. The company initially raised 5-6% equity in private placements, setting a valuation benchmark that strengthened its IPO appeal. Liberalisation of foreign ownership in the insurance sector — now up to 74% — enabled British parent Bupa to increase its stake to a majority earlier this year. “This listing as the first foreign-majority health insurer in India is not only a new chapter for Niva Bupa but shows our commitment to the Indian market for the long term,” said Roger Davis, Bupa’s Group chairman. Bupa will continue to be the largest shareholder in the company, he said. Bupa, holding a 56% stake, is looking to retain its majority share as the company scales. Niva Bupa listed at ₹78.14 on the NSE, a premium of 5.6% over its issue price of ₹74. It closed at ₹74.07. The journey toward a public listing beg...