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IPO Wrap: Star Health IPO subscribed 79% on final day

Star Health IPO subscription status: The initial public offering (IPO) of Star Health and Allied Insurance Company got subscribed 79 per cent on the final day of the offer.

By: Express Web Desk | New Delhi |
December 2, 2021 5:52:22 pm
star health insurance ipo, star health insurance ipo dateStar Health, a leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala. (Image source: Facebook/Star Health And Allied Insurance)

Star Health IPO subscription status: The initial public offering (IPO) of Star Health and Allied Insurance Company, which was launched on Tuesday was met with a muted response as it got subscribed 79 per cent on the final day, according to the data available on the BSE.

The Rs 7,249 crore offer received bids for over 3.55 crore (3,55,85,712) shares against the total issue size of over 4.49 crore (4,49,08,947) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 1.03 times, while those of non institutional investors was subscribed 0.19 times and that of retail individual investors (RIIs) was subscribed 1.10 times. Separately, shares for the employees’ segment was subscribed 0.10 times, the data showed.

Star Health IPO comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer-for-sale (OFS) of up to 58,324,225 equity shares by promoters and existing shareholders.

The IPO had opened for subscription on Tuesday, November 30, 2021, and concluded at 5 pm Thursday, December 2, 2021. It had a price band of Rs 870-900 per share and before heading into the IPO, Star Health raised over Rs 3,217 crore from anchor investors.

Star Health is a leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Star Health and Allied Insurance Company is expected to take place on Tuesday, December 7, 2021, as per the information provided in the red herring prospectus.

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