Star Health & Allied Insurance Company Limited Initial Public Offering (IPO) Failed to receive subscription in full by the close of bidding. The IPO of the country’s largest private health insurance company was subscribed only 79 percent. Backed by billionaire stock investor Rakesh Jhunjhunwala, the company had priced its IPO between 870-900 per share.
The finalization of the share allotment basis for Star Health IPO is expected to be held tomorrow, December 7, 2021 and if allotment is made, the shares will be credited to the demat account of the bidders on December 9, 2021. The registrar for this IPO is KFintech Private Limited, hence the allotment application can be checked on its website Here or on BSE website Here,
According to market experts, the shares of Star Health have fallen even further. 60 off at Gray Market today. The company plans to list on major stock exchanges BSE and NSE next Friday, December 10.
Reports suggest that Star Health will cut offerings for the sale portion of its IPO, as the offering received a weak response. The company managed to raise 6,410 crore, against its original target 7,249 crores.
IPO included fresh issue of equity shares 2,000 crore and offer for sale of 58,324,225 equity shares by promoters and existing shareholders. The company said on Monday that it has raised slightly 3,217 crore from anchor investors before its IPO.
Star Health, the leading private health insurance company in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala. The proceeds from the fresh issue will be used to enhance the capital base of the company.
Insurance companies listed on Indian stock exchanges include SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company.
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