Niva Bupa fixes Rs 70-74 price band for Rs 2,200 crore IPO

The proceeds from its fresh issuance will be utilized to the extent of Rs 1,500 crore for augmentation of capital base to maintain and strengthen solvency levels and general corporate purposes, it said.

As of June 2024, the company had insured 14.99 million lives. Niva Bupa is India’s third largest and second fastest growing standalone health insurance company based on overall health gross direct premium income of Rs 5,494 crore in FY 2024, which grew at a CAGR of 41.37 per cent from FY2022 to FY2024, which is almost double of the industry’s average, the company said.

“Niva Bupa uses machine learning based algorithms and logistics regression models to identify fraudulent claims, and this has helped them drive higher success on fraud detection, and reduce investigation referrals, thereby minimizing impact on the customer experience,” it said.