The category for Retail Individual Investors (RIIs) was subscribed 89 per cent, Qualified Institutional Buyers (QIBs) was subscribed 7 per cent and non-institutional investors portion received 2 per cent subscription
The initial public offering of Star Health and Allied Insurance Company Ltd was subscribed 20 per cent on Wednesday, the second day of the offer.
The IPO received bids for 89,67,776 shares against 4,49,08,947 shares on offer, according to an update on the NSE.T
The category for Retail Individual Investors (RIIs) was subscribed 89 per cent, Qualified Institutional Buyers (QIBs) was subscribed 7 per cent and non-institutional investors portion received 2 per cent subscription.
The 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. The price range is Rs 870-900 per share.
On Monday, the company 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 and the proceeds from the fresh issue will be used to augment the company’s capital base.
Star Health, a leading private health insurer, is owned by a consortium of investors such as 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.