BENGALURU, July 1 Reuters Indian health insurer Niva Bupa has filed for an initial public offering IPO to raise up to 30 billion rupees nearly 360 million, draft papers showed on Monday.

The company, majority owned by British United Provident Fund Bupa, said it will issue fresh shares worth up to eight billion rupees as part of the offering.

It aims to use the proceeds from that sale to strengthen its balance sheet and for operating expenses.

Existing shareholders Bupa Singapore Holdings and Fettle Tone, will sell shares up to 22 billion rupees, Niva Bupa added.

As of the end of fiscal 2024, the company39;s borrowings stood at 2.50 billion rupees, unchanged for the third straight fiscal. Its total income, which comprises net premium income, investment income and other income, rose 44 yearonyear.

ICICI Securities, Morgan Stanley, Kotak Mahindra Capital and Axis Capital were among the bookrunning managers to Niva Bupa39;s IPO.

The insurer is set to go public in India39;s booming IPO market.

More than 100 companies have raised around 4 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an alltime high on the prospect of healthy economic growth.

1 83.3950 Indian rupees

Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee

Source Reuters