MUMBAI: Niva Bupa Health Insurance (formerly Max Bupa) has submitted a draft red herring prospectus to Sebi to raise Rs 3,000 crore. The IPO includes an offer for sale and a fresh issue of shares. Private equity investor True North, which acquired 51% of Max India in 2019 and which holds its stake through Fettle Tone, will get a partial exit though the OFS.The sale offer includes up to Rs 320 crore by Bupa Singapore Holdings and up to Rs 1,880 crore by Fettle Tone, with the remaining Rs 800 crore being a fresh issue of shares.