Rakesh Jhunjhunwala backed Star Well being IPO: Star Well being and Allied Insurance coverage Firm, a medical insurance sector big, backed by inventory market Massive Bull Rakesh Jhunjhunwala, would quickly be launching its Preliminary Public Providing within the Indian market. Star Well being is predicted to launch its IPO within the final week of November. The corporate plans to lift Rs. 7,500 crore by this IPO.
IPO anticipated to open on November 30:
Star Well being has not but been capable of finalize a date on which they’d be launching their IPO. The corporate needs to launch the IPO on November 30. However funding bankers dealing with this IPO demand to launch it after wanting on the current market situations. Indian inventory markets have been on a gradual tumble for the reason that previous week, and all the businesses which have deliberate to launch IPOs have been exercising additional warning after Paytm’s IPO itemizing.
Rakesh and Rekha Jhunjhunwala maintain 17.26% stake on this firm:
Star Well being promoters personal 62.80% stake within the firm. Rakesh Jhunjhunwala and his spouse Rekha Jhunjhunwala collectively maintain 17.26% stake. Rakesh Jhunjhunwala owns a complete of Rs 7.68 Crore shares in Star Well being, which accounts for 14% stakes. Whereas Rekha Jhunjhunwlala owns shares price Rs 1.78 Crore, which accounts for 3.26% of the stake. Rakesh Jhunjhunwala owned stake on the price of Rs 158.28 per share again in March 2019. The corporate’s second promoter, Safecrop Investments India LLP has a forty five.32% stake within the firm.
IPO valued at Rs. 7,500 Crore:
Stakes price Rs 2,000 crore might be issued beneath the ‘Contemporary Problem’ part, whereas stakes price Rs 5,500 Crore might be issued by ‘Supply for Sale’ by current shareholders. The corporate will make investments the cash raised from the IPO to broaden its capital base.
Third huge IPO of 2021:
To your info, Star Well being’s IPO would be the third largest IPO to date in 2021, after PayTM and Zomato. Paytm and Zomato had raised Rs 18,500 Crore and Rs 9,375 Crore respectively from the market by IPOs.