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  3. Religare Enterprises initiates IPO process for Care Health Insurance

Religare Enterprises initiates IPO process for Care Health Insurance

8 Nov 2023

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Key Takeaways

  • 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.

  • 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.

Care Health Insurance (Religare) Unlisted Shares

Care Health Insurance (Religare)

0.00%

Expert Analysis

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.

Publisher:Investing.com