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Star Health makes a tepid debut, lists at over 6% discount from issue price

Star Health shares listing: The scrip of Star Health and Allied Insurance Company got listed at Rs 845.00 apiece on the National Stock Exchange (NSE), thereby registering a fall of 6.11 per cent from its offer price of Rs 900.00.

Written by Debashish Pachal | New Delhi |
Updated: December 10, 2021 5:00:10 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 share price: Shares of Star Health and Allied Insurance Company debuted on a weaker note and got listed at a discount of over 6 per cent below their issue price in the stock exchanges today. However, as the trade progressed the scrip was able to recover from its lows to end slightly above the issue price.

Earlier in the day the scrip got listed at Rs 845.00 apiece on the National Stock Exchange (NSE), thereby registering a fall of 6.11 per cent from its offer price of Rs 900.00, while on the BSE, it opened at Rs 848.80, down 5.69 per cent from the issue price.

However, the stock inched higher from its opening levels and within minutes touched a high of Rs 940.00 on BSE and NSE.

By the end of the first day, the scrip ended at Rs 906.85 on the BSE, up 0.76 per cent from the issue price while on NSE it settled at Rs 901.00, up 0.11 per cent. The market capitalisation stood at Rs 52,191.23 crore, data from the BSE showed.

Over 1.34 crore (1,34,64,811) shares of Star Health and Allied Insurance Company were traded on the first day of trade on NSE while nearly 5.99 lakh (5,98,544) shares exchanged hands on the BSE, data from the respective stock exchange showed.

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

The offer was undersubscribed during its offer period from November 30-December-2, 2021. It saw a 79 per cent subscription on the final day.

Speaking about the new listing, Ravi Singh, Vice President and Head of Research at Share India Securities said, “Subscribed investors may exit as overall market sentiment is weak. The stock may show some correction at the current juncture till Rs 750 levels. If the market exhibit negative sentiments continues for some more trading sessions then Star Health may make new lows. It’s advisable for the investors to look for Rs 750 levels, if consolidation is sustained at this level, for fresh entry targeting Rs 900 following a stop loss of Rs 700 in short to medium term.”

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