Rakesh Jhunjhunwala-Backed Star Health IPO Subscribed 12% On First Day Of Issue

Billionaire investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company's share sale via initial public offering (IPO) was subscribed 12 per cent on the first day of its issue, according to subscription data on the stock exchanges..On Tuesday, the portion reserved for retail individual investors was subscribed by 0.64 times - the highest among the three groups of investors. The portion set aside for qualified institutional buyers or QIB was unsubscribed, while the portion reserved for non-institutional investors was subscribed 0.1 times..The company is selling shares in the price band of Rs 870- Rs 900 per share and a retail investor can bid for minimum one lot of 16 shares up to maximum of 13 lots. At the upper price band, one lot of Star Health shares will cost Rs 14,400. .Star Health is planning to raise Rs 7,249.18 crore from the IPO which consists of an offer for sale by existing promoters and shareholders worth Rs 5,249.18 crore and fresh issue of Rs 2,000 crore. Star Health and Allied Insurance Company is one of the largest private health insurers in India with a market share of 15.8 per cent in financial year 2021. 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, accounting for 87.9 per cent, 10.5 per cent, 1.6 per cent, and 0.01 per cent, 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 managers for Star Health IPO while KFintech is the registrar to the issue

Rakesh Jhunjhunwala-Backed Star Health IPO Subscribed 12% On First Day Of Issue

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