03 Dec , 2021 By : Kanchan Joshi
The initial public offering (IPO) of Star Health and Allied Insurance Company Ltd received 79 per cent subscription on the final day of the share-sale on Thursday. The IPO received bids for 3,56,02,544 shares against 4,49,08,947 shares on offer.
The three-day share sale opened for subscription on Tuesday with the price band set at Rs870-900 per share for its initial share sale.
The finalization of basis of share allotment of Star HealtIPO is expected to take place next week on Tuesday, November 30, 2021 and if allotted, then the credit of shares to demat account of bidders will be done on December 9, 2021. The registrar for this IPO is KFintech Private Limited, therefore the allotment application can be checked on its website here or on the BSE website here.
The IPO comprised fresh issue of equity shares worth Rs2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders. The company on Monday said it has raised a little over Rs3,217 crore from anchor investors ahead of its IPO.
As per market observers, Star Health shares have slipped to Rs7 discount from premium in the grey market. The company plans to list on leading stock exchanges BSE and NSE next Friday on December 10.
Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala. Proceeds from the fresh issue will be used to augment the company's capital base.
Incorporated in 2006, Star Health and Allied Insurance Company Ltd (Star Health) is one of the largest private health insurers in India. The company primarily focuses on the retail health market segment. It offers a range of flexible and comprehensive coverage options for retail health, group health, personal accident, and overseas travel.
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