Star Health is preparing to raise Rs 7,249.18 crore from the IPOBillionaire financier Rakesh Jhunjhunwala-backed Star Health and Allied Insurance provider's share sale by means of initial public offering (IPO) was subscribed 12 per cent on the first day of its concern, according to membership data on the stock exchanges.On Tuesday, the portion reserved for retail specific investors was subscribed by 0.64 times - the highest amongst the 3 groups of investors.
The portion reserve for qualified institutional buyers or QIB was unsubscribed, while the portion scheduled for non-institutional financiers was subscribed 0.1 times.The business is offering shares in the cost band of Rs 870- Rs 900 per share and a retail financier can bid for minimum one lot of 16 shares up to optimum of 13 lots.
At the upper price band, one great deal of Star Health shares will cost Rs 14,400.
Star Health is planning to raise Rs 7,249.18 crore from the IPO which includes a market by existing promoters and investors worth Rs 5,249.18 crore and fresh issue of Rs 2,000 crore.Star Health and Allied Insurer is among the largest private health insurance providers in India with a market share of 15.8 per cent in fiscal year 2021.
The company mostly focuses on the retail health market sector.
It provides a range of versatile and comprehensive coverage options for retail health, group health, personal mishap, and abroad travel, accounting for 87.9 percent, 10.5 percent, 1.6 per cent, and 0.01 percent, respectively.Ambit Private, Axis Capital, BofA Securities, Citigroup Global Markets India, CLSA India, Credit Suisse Securities, DAM Capital Advisors, ICICI Securities, IIFL Securities, Jefferies India, Kotak Mahindra Capital Company and SBI Capital Markets are the lead supervisors for Star Health IPO while KFintech is the registrar to the problem