Star Health IPO to open on Nov 30; sets price band at Rs 870-900 per share | Star Health’s IPO to open on November 30, price range fixed at Rs 870 to Rs 900 per share

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Star Health IPO to open on Nov 30; sets price band at Rs 870-900 per share

New Delhi. Star Health and Allied Insurance Company, backed by veteran investor Rakesh Jhunjhunwala, on Wednesday said it has fixed a price range of Rs 870-900 per share for its Rs 7249 crore IPO. The company’s IPO will open on November 30. The three-day initial public offering will close on December 2.

The company has said that the bidding for anchor investors will start from November 29. Under the IPO, new equity shares worth Rs 2,000 crore will be issued and 58,324,225 equity shares will be put up for sale by the promoters and existing investors. The promoters who offered the shares for sale include SafeCorp Investment India LLP, Konark Trust, MMPL University of Dam du Lac, Mio Star, ROC Capital Pvt Ltd, Venkatasamy Jagannathan, Sai Satish and Barjish Meenu Desai.

In the IPO, shares worth Rs 100 crore have been kept reserved for employees. The IPO at the higher end of the price range is expected to fetch the company Rs 7249.18 crore. The proceeds from the IPO will be used to strengthen the company’s capital base. 75 per cent of the issue size has been reserved for eligible institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can place bids in a minimum of 16 equity shares and its multiples thereafter.

Star Health is a leading private health insurance company in the country and is owned by a consortium of investors. The consortium includes Westbridge Capital and Rakesh Jhunjhunwala. Currently, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are some of the insurance companies that are listed on the stock exchange.

Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities India 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 both BSE and NSE forums.

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