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Niva Bupa ropes in Kotak, Axis, HDFC & three others to run its ₹3,000-crore IPO

Private health insurer Niva Bupa is preparing to raise ₹3,000 crore through an initial public offering (IPO) with the help of six investment banks. The move comes after majority shareholder True North sold a large portion of its stake to UK partner Bupa. Niva Bupa has appointed Kotak Mahindra Capital, Axis Capital, HDFC Bank, Morgan Stanley, ICICI Securities, and Motilal Oswal to manage the IPO, which is expected to take place towards the end of 2024. The IPO could value the company at ₹15,000-18,000 crore. In FY23, Niva Bupa achieved over ₹4,000 crore in gross written premium and an 8% market share in the health insurance market.

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