According to the offer to sell, Rakesh Junjhunwala will not sell his shares in the IPO.
New Delhi: Billionaire investor Rakesh Jhunjhunwala is backed by Star Health and Allied Insurance Company, the sale of shares through an initial public offering (IPO) will begin on Tuesday (November 30). The IPO will end on December 2nd. Star Health is planning to raise Rs 7,249.18 from the IPO, including an offering (OFS) by existing promoters and shareholders worth Rs 5,249.18 and new release 2,000 crore Rs.
According to OFS, its promoter Mr. Junjhunwala will not sell his shares in the IPO. However, its other promoters like Safecrop Investments India LLP will sell up to 3.06 crore of shares and 1.37 lakh shares will be sold by Konark Trust.
MMPL Trust, APIS Growth 6, MIO IV Star, University Of Notre Dame, MIO Star, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai were also among the selling shareholders in the IPO, according to its prospectus.
Ice:
The company is planning to sell the shares in the price range of Rs 870-900/share and retail investors can bid with a minimum of one lot of 16 shares and a maximum of 13 lots. At the above price, one lot of Star Health shares would cost Rs 14,400.
Gray market price:
According to market participants, the stock is quoted at a premium of Rs 30 per share on the gray market.
The goal of an IPO is to use the net proceeds to increase the company’s capital base and insolvency.
Star Health and Allied Insurance Company is one of the largest private health insurers in India with a market share of 15.8% in fiscal year 2021.
The company mainly focuses on the retail health market segment. It offers a wide range of flexible and comprehensive insurance options for retail health, group health, individual accident and overseas travel, which account for 87.9%, 10.5%, 1, respectively. 6% and 0.01%.
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 managers for the IPO Star Health ; while KFintech is the registrar for this matter.
