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New Delhi: Star Health and Allied Insurance Company's shares got listed on the bourses on Monday at a discounted price of 6 percent.
The company made its debut on National Stock Exchange (NSE) at Rs 845 while on the other hand, it opened on Bombay Stock Exchange (BSE) at Rs 848 apiece levels.
According to experts, the tepid listing was expected as the valuations were around 15 to 20 per cent higher.
The IPO of the company saw an overall subscription of 79 percent during November 30-December 2.
The portions reserved for Qualified Institutional Buyers (QIB) and retail investors were fully subscribed. On the other hand, the portion set for Non-Institutional Investors (NII) witnessed plunge as it was majorly unsubscribed. Following which the company the decided to reduce it OFS to Rs 4,400 crore from Rs 5,249 crore earlier and the total size was down to rs 6,400 crore, including fresh issue of Rs 2,000 crore.
The price band for the offer was Rs 870-900 per equity share.
The Security Exchange Board of India (SEBI) has given approval to six companies including Rakesh Jhunjhunwala-invested Star Health & Allied Insurance to launch Initial Public Offering (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 & 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.
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