UK39;s Bupa, India39;s True North to sell shares in IPO
Indians buying more insurance after COVID pandemic
Plan comes amid recordbreaking rally in Indian stocks

MUMBAI, June 24 Reuters Indian health insurer Niva Bupa is planning to raise 360 million in an IPO, potentially valuing the business at up to 2.5 billion, according to two sources and a document seen by Reuters, the latest company to cash in on a stock market surge.

British United Provident Association Bupa, which holds a 63 stake in the Indian venture, plans to sell a small stake worth up to 38 million and Indian private equity firm True North is planning a stake sale worth up to 225 million, the document detailing the IPO plans showed.

It will file papers with India39;s markets regulator to seek IPO approval in the next week, the sources said.

Niva Bupa, Bupa U.K and True North declined to comment.

Niva Bupa39;s plans are the latest example of India39;s booming IPO markets, where investors are pouring record amounts of money into small and big companies. Earlier this month, Korean auto major Hyundai filed for what could be the country39;s biggestever IPO.

Of the 360 million offering, Niva Bupa will be raising 96 million by issuance of new shares, while 264 million worth of shares will be sold by existing investors, the document shows.

It will use funds raised to strengthen its balance sheet and for operating expenses, according to the document.

Niva Bupa has hired Morgan Stanley and Indian banks…