New Delhi: The Rs 7,249-crore initial public offering of Star Health and Allied Insurance Company will be open for subscription from today (Tuesday, November 30).
Star Health and Allied Insurance Company has fixed a price band of Rs 870-900 a share for its Rs 7,249-crore IPO. The three-day initial public offering (IPO) will conclude on December 2. Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.
Here is all you want to know about the Star Health IPO
The IPO comprises fresh issue of equity shares worth Rs 2,000 crore and an offer-for-sale of up to 58,324,225 equity shares by promoters and existing shareholders.
Star Health and Allied Insurance Company on Monday said it has raised a little over Rs 3,217 crore from anchor investors ahead of its IPO.
Those offering shares through the offer-for-sale are promoter and promoter group — Safecrop Investments India LLP, Konark Trust, MMPL Trust — and existing investors — Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.
The public offer includes a reservation of shares worth Rs 100 crore for employees.
At the upper end of the price band, the initial share-sale is expected to fetch Rs 7,249.18 crore.
Proceeds from the fresh issue would be used to augment the company’s capital base.
About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Investors can bid for a minimum of 16 equity shares and in multiple thereof.
Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the merchant bankers to the issue.
The equity shares of the company will be listed on the BSE and NSE.
