Care Health Insurance (Religare) Unlisted Shares
Religare Enterprises initiates IPO process for Care Health Insurance
Investing.com
2 min read
Religare Enterprises initiates IPO process for Care Health Insurance.
Expert Analysis:
Religare Enterprises has initiated the IPO process for its subsidiary, Care Health Insurance, ₹ 2,320 crore (OTS) with Religare Finvest.
It is planning an IPO that could potentially raise ₹ 1,500-2,000 crore through an equity dilution of 15-20%.
The valuation of Care Health Insurance is projected between 4X to 8X Price/Book Value (P/BV), with Religare Enterprises’ stake valued between ₹ 7,620 Cr to ₹ 15,240 Cr.
The funds raised were earmarked to enhance solvency, which currently stands at 1.73 times the regulatory minimum, and provide growth capital,
RELG has demonstrated a strong return over the last five years, reinforcing the company's consistent growth and stability.
Financial aspects: Care Health Insurance is growing faster and has a better market share of 22% in Standalone Health Insurance and 2.2% in General Insurance.
Contribution: Care Health’s Health Insurance contributes 91% to (Gross Direct Premium Income) GDPI and 88% to (Net Earned Premium)NEP, Travel insurance 2.4% to GDPI and 3.4% to NEP, and personal accident insurance 6.2% of GDPI and 8.5% of NEP.
Undervalued stock: It is an attractive investment opportunity, as it is trading at a low earning multiple, especially considering the upcoming IPO of Care Health Insurance.
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