The category for Retail Individual Investors (RIIs) received 64 per cent subscription and those for non-institutional investors 1 per cent
Mumbai:
The initial public offer of Star Health and Allied Insurance Company Limited was subscribed 12 per cent on the first day of subscription on Tuesday.The three-day IPO received bids for 53,19,008 shares against 4,49,08,947 shares on offer, according to NSE data.
The category for Retail Individual Investors (RIIs) received 64 per cent subscription and those for non-institutional investors 1 per cent.
The initial public offer (IPO) has a fresh issue of up to Rs 2,000 crore and an offer for sale of up to 58,324,225 equity shares.
Price range for the offer has been set at Rs 870-900 per share.
The company on Monday said it has raised a little over Rs 3,217 crore from anchor investors.
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 will be used to augment the company’s capital base.
Star Health, a leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.
SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are among the insurance companies 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), Jefferies India, Ambit Private Limited, DAM Capital Advisors, IIFL Securities and SBI Capital Markets are the managers to the offer.
The equity shares of the company will be listed on BSE and NSE.