Star Health has priced its IPO from Rs 870 to Rs 900 per share.
Bengali language: India’s largest private health insurer Star Health has cut the size of its initial public offering (IPO) to Rs 6,400 crore ($848.02 million) from Rs 7,249 previously. mild response to last week’s IPO, the company’s prospectus showed.
Star Health’s IPO failed to be fully subscribed last week, signaling weak investor demand for India’s third-biggest share listing this year.
Last week, a source told Reuters the company would cut its offering following weak response despite extending the subscription period.
Backed by billionaire stock investor Rakesh Jhunjhunwala, the company has priced its IPO between Rs 870 and Rs 900 per share and a banking source told Reuters the company is aiming for a valuation close to 7 billion USD.
The IPO currently includes a new issue of 22.2 million shares and an offering of 48.89 million shares, according to the December 7 prospectus, while the issuance and offering is “subject to finalization of the basis”. allocation.”
Investors will be closely watching the listing that is likely to take place Friday after Paytm’s dismal launch in November raised doubts about big-ticket IPOs and raised concerns about overvaluation in the domestic stock market.
Indian payments company MobiKwik has postponed its IPO plans, following Paytm’s lackluster performance.
Other major offerings planned for later this year and next include Softbank-backed firms Delhivery and OYO, which have submitted draft papers for IPOs worth 992.73 respectively. million dollars and 1.12 billion dollars, and by state life insurance giant LIC, expected to be India’s largest.
Founded in 2005, Star Health offers retail health, group health, personal accident and overseas travel insurance options.
(This story has not been edited by NDTV staff and was automatically generated from the syndication feed.)
