New Delhi: Star Health and Allied Insurance's initial Public offering (IPO) will be opened for subscription from next week and the company has planned to raise Rs 7,249 crore through this IPO.
Rakesh Jhunjhunwala-backed, the IPO of Star Health and Allied Insurance Co Ltd will commence from November 30 and will close on December 2, 2021.
It consists of an offer for sale of Rs 5,249 crore from existing promoters and shareholders. The company has fixed a price band of Rs 870-900 per share.
According to the company's MD, S Prakash, the Jhunjhunwala with 17.5 percent stake will not sell his share.
The allotment of shares will be probably finalized by December 7,2021, while the firm will be listed on BSE and NSE on December 10.
The amount received from this IPO will be utilized to raise company's capital base and maintenance of solvency levels.
There will 16 shares in one lot and for the same one has to spend Rs 14,400. Any retail-individual investor can apply for up to 13 lots or 208 shares by spending Rs187, 200.
As of today, the Star Health Insurance IPO GMP aka grey market premium is Rs 150.
In the month of October, the Security Exchange Board of India (SEBI) had given approval to six companies including Star Health & Allied Insurance to launch IPO.
Apart from star health insurance company, the companies like Nykaa, Penna Cement Industries, Nykaa, Penna Cement Industries, Adani Group's FMCG Company Adani Wilmar, Latent View Analytics and Sigachi Industries have also got approval of IPO from SEBI.
Star Health Insurance Company will issue new shares worth Rs 2,000 crore under the IPO.
Star Health & Allied Insurance Company started its operations in 2006 as India's first standalone health insurance provider. The main objective of the company is to provide health insurance at low cost rates and make it available to every section of the population.
Be it a person, family or senior citizens, the company fulfill the medical requirement for treatment of everyone. Apart from this, the company also provides various types of coverage for you and your family.
The company deals in health, personal accident and travel insurance. It has achieved service excellence and always comes up with innovative products to provide the best to its clients.