28 Nov , 2021 By : Kanchan Joshi
Amid the rush over companies coming up with their initial public offerings (IPOs), two more issues will be launched this week. Leading private health insurer Star Health and Allied Insurance IPO will open on Tuesday, November 30 whereas manufacturer of consumables for the mining industry Tega Industries' issue will open for subscription on Wednesday, December 1.
Rakesh Jhunjhunwala-backed Star Health's public offering will open for subscription on Tuesday and the share sale will conclude on December 2. The price band has been fixed at Rs870-900 per share. The company is aiming for a valuation of about $7 billion in its public offering, as reports.
The IPO comprises 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. At the upper end of the price band, the initial share-sale is expected to fetch Rs7,249 crore.
Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala. The proceeds will be used to improve the capital base and maintain solvency levels, according to its prospectus.
The three-day initial share sale of Tega Industries will open for public subscription on December 1 and conclude on December 3. The initial share sale's price band has been fixed at Rs443-453 per share. The IPO is purely an offer of sale (OFS) of 1,36,69,478 equity shares by promoters and an existing shareholder.
Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining, and bulk solids handling industry, through its wide product portfolio. Axis Capital and JM Financial are the merchant bankers to the public issue.
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