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Niva Bupa Health IPO
Price Band
₹70.0–74.0
Issue Size
₹2200.0 Cr
Lot Size
200 shares
Min Investment
₹14,800
GMP
+₹1.0 (1.35%)
Issue Price
₹74.0
Subject to Sauda
₹200
Paid only if allotted
Niva Bupa Health IPO AI Summary
- Niva Bupa Health IPO is listed on BSE, NSE in the General Insurance sector.
- Price band: ₹70.0–₹74.0 per share, lot size 200 shares (min. investment ₹14,800).
- Subscription window: 07 Nov–11 Nov 2024, listing on 14 Nov 2024.
- Current GMP is +₹1.0 (1.35%), an estimated listing price of ₹75 — unofficial and can change daily.
Niva Bupa Health Insurance is a growing player in the health insurance sector with a strong digital presence and diverse product offerings. However, potential investors should consider the company's recent financial performance and market conditions before making investment decisions.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Niva Bupa Health IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 11 Nov 2024 — not a current signal.
7 of 9 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Niva Bupa Health IPO Grey Market Premium (GMP) Today
GMP
+₹1.0
GMP %
+1.35%
Est. Listing
₹75.0
Updated: 25 Jul 2026 14:03
About the Company
Incorporated in 2008, Niva Bupa Health Insurance Company Limited is a joint venture between the Bupa Group and Fettle Tone LLP that provides insurance in the health sector. The company offers a holistic proposition by providing customers access to a comprehensive health ecosystem and service capabilities through its Niva Bupa Health mobile application and website. The company's products are broadly categorized into Retail products designed for individuals and families. Group products intended for employers and employees, As of March 31 2024, the company had 14.73 million active lives insured. As of March 31, 2024, the company is present across 22 states and four union territories in India. From Fiscal Year 2022 to Fiscal Year 2024, the overall GWP grew at a CAGR of 41.27%, while GWP from retail health increased by 33.41%. As of March 31, 2024, the telemarketing sales team has 410 employees. It uses machine learning lead scoring, product recommendations, and a real-time CRM dashboard to engage customers and drive conversions. Competitive Strength: Diverse product range to suit customer's needs. An automated approach to customer service driven by technology. Bupa parentage and brand associated with health insurance and healthcare The company's expertise and experience in claims and provider management. As of March 31, 2024, the company's technology function had 126 employees who focused on developing digital assets, software, and mobile applications.
Company Financials (₹ Cr)
As of 2024-06-30
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 6,542.06 | 6,191.87 | 3,876.57 | 2,738.44 |
| Total Income | 1,124.90 | 4,118.63 | 2,859.24 | 1,884.54 |
| Profit After Tax | -18.82 | 81.85 | 12.54 | -196.53 |
| NET Worth | 2,031.77 | 2,049.59 | 831.12 | 507.65 |
| Reserves and Surplus | 1,282.44 | 1,282.02 | 334.26 | 125.40 |
| Total Borrowing | 250.00 | 250.00 | 250.00 | 250.00 |
Key Ratios
EPS
₹0.48
NAV
₹12.06
RoNW
-0.92%
P/B Value
6.14
P/E Ratio
153.7
Market Cap
₹13380.91 Cr
Debt/Equity
0.12
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| The New India Assurance Company Ltd | 132.55 | 5.13% | 35.23 | 6.77 | 6.77 |
| Icici Lombard General Insurance Company Ltd | 242.75 | 17.17% | 45.92 | 39.03 | 38.78 |
| Star Health and Allied Insurance Company Limited | 108.35 | 14.35% | 36.97 | 14.48 | 14.19 |
| Niva Bupa Health Insurance Company Limited This IPO | 12.06 | 5.68% | — | 0.51 | 0.5 |
Promoters
Bupa Singapore Holdings Pte.Ltd. and Bupa Investments Overseas Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 The company proposes to utilize the Net Proceeds from the Fresh Issue, as per applicable IRDAI regulations, towards augmentation of its capital base to maintain and strengthen its solvency levels by investing in instruments and in the manner prescribed under the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (“IRDAI AFIF Regulations”) 765.24
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,884.54 Cr in the fiscal year ending March 31, 2022, rising to ₹2,859.24 Cr by March 31, 2023, and further increasing to ₹4,118.63 Cr by March 31, 2024. However, the most recent figure of ₹1,124.90 Cr for the period ending June 30, 2024, is a 9-month figure and not directly comparable to the full fiscal years.
Profit Trend
Profit after tax was a loss of ₹196.53 Cr for the fiscal year ending March 31, 2022, which improved to a profit of ₹12.54 Cr by March 31, 2023, and further increased to ₹81.85 Cr by March 31, 2024. The latest figure shows a loss of ₹18.82 Cr for the period ending June 30, 2024, which is also a 9-month figure and not directly comparable to the full fiscal years.
Valuation
At the issue price of ₹74.0, Niva Bupa Health Insurance has an implied P/E ratio of 153.7, compared to peers with P/E ratios ranging from 35.23 to 45.92.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which shares are expected to trade in the unofficial market before their official listing. A positive GMP suggests that investors anticipate a higher listing price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term investment horizon typically weigh IPOs like this against the company's growth prospects, market position, and overall financial health.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid this IPO due to the company's recent financial losses and the inherent risks associated with new listings.
IPO Timeline, Explained
The IPO opens for subscription on November 7, 2024, and closes on November 11, 2024. Allotment of shares will be done on November 12, 2024, and the shares are expected to be listed on November 14, 2024.
Listing Gains — The Risk
Listing gains can be unpredictable. While some IPOs may list at a premium, others may not perform as expected, leading to losses. Investors should be prepared for the possibility of price fluctuations on the listing day.
This evaluation is generated from Niva Bupa Health's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Niva Bupa Health IPO GMP today?
Niva Bupa Health IPO GMP today is +₹1.0 (1.35%), indicating an estimated listing price of ₹75. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Niva Bupa Health IPO?
The price band of Niva Bupa Health IPO is ₹70.0–₹74.0 per share.
When does Niva Bupa Health IPO open and close?
Niva Bupa Health IPO opens on 07 November 2024 and closes on 11 November 2024.
When does Niva Bupa Health IPO list on the stock exchange?
Niva Bupa Health IPO listed on 14 November 2024 at ₹75.0.
What is the lot size for Niva Bupa Health IPO?
The lot size for Niva Bupa Health IPO is 200 shares, requiring a minimum investment of ₹14,800.
What is the price band for the Niva Bupa IPO?
The price band for the Niva Bupa IPO is ₹70.0 to ₹74.0.
What is the minimum investment required?
The minimum investment required is ₹14,800, which corresponds to a lot size of 200 shares.
When does the IPO open and close?
The IPO opens on November 7, 2024, and closes on November 11, 2024.
What does GMP mean?
GMP, or Grey Market Premium, indicates the expected price at which shares may trade in the grey market before their official listing.
When is the listing date for the Niva Bupa IPO?
The listing date for the Niva Bupa IPO is November 14, 2024.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
07 Nov 2024
Close
11 Nov 2024
Allotment
12 Nov 2024
Listing
14 Nov 2024
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