Cyril Amarchand Mangaldas Advises Niva Bupa, Bupa Singapore Holdings And Fettle Tone On IPO

Cyril Amarchand Mangaldas advises Niva Bupa, Bupa SingaporeHoldings and Fettle Tone on IPO

Cyril Amarchand Mangaldas (CAM) has advised Niva Bupa Health Insurance Co Ltd, Bupa Singapore Holdings Pte. Ltd and Fettle Tone LLP (selling shareholders) as their legal counsel on Indian laws on the initial public offering (IPO) of 297,297,296 equity shares of Rs.10 each of the company, aggregating to Rs.22,000.00 million.

It comprised a fresh issue of 108,108,108 equity shares of Rs.10 aggregating to Rs.8,000.00 million (fresh issue) and an offer for sale of 189,189,188 equity shares of Rs.10 aggregating to Rs.14,000.00 million (offer for sale) by the selling shareholders.

The offer was oversubscribed by 1.80 times with qualified institutional buyers’ portion and retail portion by 2.06 times and 2.73 times, respectively.

The shares listed and commenced trading on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 14 November 2024.

The book-running lead managers (BRLM) to the offer were ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited and Morgan Stanley India Company Private Limited.

The transaction was led by Yash Ashar (Senior Partner) and Gokul Rajan (Partner and Regional Co-Head-Capital Markets–North). They were supported by Priyanka Khetwal (Associate), Aarushi Jain (Associate), Dhawal Nirash (Associate), Ritvik Maheshwari (Associate) and Avni Srivastava (Associate).  Abhiroop Lahiri (Partner), with support from Ayushi Tiwari (Associate); Jayadeep Manchikalapudi (Associate); and Rukman Banka (Associate) advised Bupa Singapore Holdings and Fettle Tone.

Indranath Bishnu (Partner &amp Head–Insurance); with support from Anirud Sudarsan R (Principal Associate), and Subhalaxmi Hota (Associate), advised on insurance-related aspects. Rutu Gandhi (Partner), with support from Pratiksha Arekar (Senior Associate), advised on regulatory aspects.

Other parties to the transaction included: Bupa Group (selling shareholder); and True North (selling shareholder).

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