Rakesh Jhunjhunwala-backed Star Well being’s IPO opens subsequent week: GMP, worth band, key particulars to know

Rakesh Jhunjhunwala-backed Star Well being and Allied Insurance coverage’s preliminary public providing (IPO) will open for subscription subsequent week on Tuesday, November 30 and the three day share sale will conclude on December 2. The value band for its public providing has been mounted at 870-900 per share.

The well being insurer’s IPO consists of a recent subject of 2,000 crore and a suggestion on the market (OFS) of as much as 58.32 million shares by its current promoters and shareholders.

As per market observers, Star Well being shares can be found at a premium of 130 within the gray market immediately. The corporate plans to checklist on main inventory exchanges BSE and NSE on December 10.

Presently, Safecrop Investments India LLP has a 47.77% stake, whereas Rakesh Jhunjhunwala and his spouse Rekha Jhunjhunwala maintain 14.98% and three.23% stake, respectively, within the firm. The proceeds from the difficulty can be deployed within the fiscal 12 months 2022 in direction of the augmentation of its capital base. 

Based on IRDAI norms and rules, the insurer is required to keep up a minimal solvency ratio of 1.5. As of 31 March, its solvency ratio was 2.23x. 

Star well being is backed by investor consortium together with personal fairness corporations Madison Capital and Westbridge Capital and Indian ace investor Rakesh Jhunjhunwala. Based in 2006, Chennai-based Star Well being offers well being, private accident and abroad journey insurance coverage.

The proposed IPO will make Star Well being the fourth personal sector insurance coverage supplier to checklist on Indian inventory exchanges, following HDFC Life Insurance coverage Co. Ltd, ICICI Prudential Life Insurance coverage and ICICI Lombard Normal Insurance coverage. 

Kotak Funding Banking, Axis Capital, Bofa Securities India, Citigroup International markets India, ICICI Securities, CLSA India Pvt. ltd, Credit score Suisse Securities India, Jefferies India Pvt. Ltd, Ambit Pvt. Ltd, DAM Capital Advisors, IIFL Securities and SBI Capital Markets are the ebook lead operating managers to the difficulty. KFin Applied sciences has been appointed because the registrar for the difficulty.

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