Cyril Amarchand Mangaldas has advised India’s Niva Bupa Health Insurance Company on its $260 million initial public offering, comprising a fresh issue of equity and a secondary sale by its promoters, which were also advised by CAM.
Shardul Amarchand Mangaldas & Co and White & Case advised the underwriters ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors.
Niva Bupa is one of India's largest and fastest-growing standalone retail health insurers. It is a joint venture between Bupa Group and Fettle Tone and is the only health insurance company in India that is majority controlled by a foreign global healthcare group.
The IPO was oversubscribed 1.80 times overall, with the qualified institutional buyers’ component being subscribed 2.06 times and the retail investors’ component being subscribed 2.73 times.
The capital markets team was led by senior partner Yash Ashar and included partner Gokul Rajan and associates Priyanka Khetwal, Dhawal Nirash, Aarushi Jain, Ritvik Maheshwari, and Avni Srivastava.
A team comprising insurance practice head Indranath Bishnu, principal associate Anirud Sudarsan R, and associate Subhalaxmi Hota advised on the insurance law-related aspects of the transaction.
The CAM team representing the selling shareholders Bupa Singapore Holding (Bupa Group) and Fettle Tone (True North) comprised capital markets head Manan Lahoty, partner Abhiroop Lahiri, and associates Ayushi Tiwari, Rukman Banka, and Jayadeep Manchikalapudi.
The SAM team was led by capital markets practice head Prashant Gupta, and included partner Abhiroop A. Datta, senior associate Ankur Verma, and associates Sridutt Mishra, Purva Mishra, Mansie Jain, and Mathangi K.
The White & Case team which advised on the transaction was led by partners Rahul Guptan, John Cunningham, and Sonica Tolani (London) and included partners Kaya Proudian (Singapore), Steven Gee, David Johansen (New York) and Sami Al-Louzi (Dubai), local partner James Hsiao (Hong Kong) and associates Stephanie Zhao, Ji Yang Lim, Rachna Talati (all Singapore), Hilda Leung, Royston Tan, Yuning Zhou (all Hong Kong), Girindra Henriyono, Deborah Victoria (both Jakarta), Edward Lee (Sydney), and Daniel Park (New York).
"We continue to advise on transactions that showcase the strength of the Indian economy and unlock value through public market exits for private equity firms and Indian companies that are part of global conglomerates," said Guptan in a statement.
