Star Health raises Rs 3,217 cr from anchor investors ahead of IPO
PTI, Nov 30, 2021, 8:55 AM IST
New Delhi: Star Health and Allied Insurance Company on Monday said it has raised a little over Rs 3,217 crore from anchor investors ahead of its IPO on Tuesday.
The company has decided to allocate a total of 3,57,45,901 equity shares to 62 anchor investors at Rs 900 apiece, aggregating to Rs 3,217.13 crore, according to a circular uploaded on the BSE website.
Monetary Authority of Singapore, Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, BNP Paribas Arbitrage, and Societe Generale are among the anchor investors. In addition, SBI Life Insurance Company, HDFC Life Insurance Company, and Edelweiss Mutual Fund have been allocated shares.
The initial public offering (IPO) comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders. Those offering shares through the offer for sale are promoter and promoter group — Safecrop Investments India LLP, Konark Trust, MMPL Trust— and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish, and Berjis Minoo Desai. The public offer includes a reservation of shares worth Rs 100 crore for employees.
The issue, with a price band of Rs 870-900 a share will open for public subscription between November 30 and December 2. At the upper end of the price band, the initial share-sale is expected to fetch Rs 7,249.18 crore.
Proceeds from the fresh issue would be used to augment the company’s capital base. About 75 percent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and the remaining 10 percent for retail investors. Investors can bid for a minimum of 16 equity shares and in multiples thereof. Star Health, a leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.
At present, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, and ICICI Lombard General Insurance Company are the few insurance companies that are listed on the stock exchanges.
Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors, and IIFL Securities are the merchant bankers to the issue.
The equity shares of the company will be listed on the BSE and NSE.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
China lifts restrictions, gives all clear nod for Tesla cars as Musk lobbies hard in surprise visit to Beijing
Indian markets rebound sharply on buying in bank stocks, firm global trends
Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
Elon Musk in Beijing amid efforts to promote Tesla’s autonomous driving tech
Corporate earnings, US Fed interest rate decision to drive markets in holiday-shortened week: Analysts
MUST WATCH
Latest Additions
ISRO releases ISSAR 2023 report on vulnerability of space assets to collisions
Hunasagi: MLA Bairati Basavaraj’s car overturned
No CM can remain absent for long, it’s against national interest: Delhi HC on Kejriwal
Cricket for the Blind: A Transformative Journey Empowering Visually Impaired Athletes
China lifts restrictions, gives all clear nod for Tesla cars as Musk lobbies hard in surprise visit to Beijing