Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas (SAM), and White & Case LLP played key roles in advising Niva Bupa Health Insurance Company Limited on its ₹2,200 crore Initial Public Offering (IPO).
CAM provided legal counsel to Niva Bupa Health Insurance Company and its selling shareholders in relation to Indian law. Shardul Amarchand Mangaldas & Co. advised the underwriters of the IPO, including ICICI Securities Limited, Morgan Stanley India Company Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, HDFC Bank Limited, and Motilal Oswal Investment Advisors Limited.
The team from SAM included Prashant Gupta (National Practice Head – Capital Markets), Abhiroop A. Datta (Partner), Ankur Verma (Senior Associate), Sridutt Mishra (Associate), Purva Mishra (Associate), Mansie Jain (Associate), and Mathangi K. (Associate).
White & Case LLP advised the Book Running Lead Managers (BRLMs) in the transaction, with a team led by partners Rahul Guptan, John Cunningham, and Sonica Tolani, based in London. The team also included partners Kaya Proudian (Singapore), Steven Gee, David Johansen (both New York), and Sami Al-Louzi (Dubai). Local partner James Hsiao (Hong Kong) contributed, along with associates Stephanie Zhao, Ji Yang Lim, and Rachna Talati (all Singapore), Hilda Leung, Royston Tan, and Yuning Zhou (all Hong Kong), Girindra Henriyono and Deborah Victoria (both Jakarta), Edward Lee (Sydney), and Daniel Park (New York).
The IPO included a primary issuance of equity shares by Niva Bupa, along with a secondary sale by its promoters, Bupa Singapore Holding Pte. Ltd (Bupa Group) and Fettle Tone LLP (True North).
The offering was oversubscribed 1.80 times overall, with the qualified institutional buyers’ portion subscribed 2.06 times and the retail investor portion subscribed 2.73 times. The IPO opened on November 14 at ₹78.14 per share on the NSE, compared to the offer price of ₹74, marking a 5.59% premium. On the BSE, the stock debuted at ₹78.50 per share, a 6.08% premium, and further increased by 9.37% to ₹80.94. The company’s market valuation at the close of the IPO stood at ₹14,069.93 crore.
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Lakshmikumaran & Sridharan attorneys advised IndiQus Technologies on strategic acquisition by Yotta
