- Stock Markets on Monday: FII selling, US market corrections remain a pain point for domestic equities; Anil Singhvi gives trigge
- IT indices top losers on NSE, BSE this week; Tata Elxsi gained 16%, Sterlite Tech fell 24%
- RIL Q3 Result: Reliance Industries reports 41.5% jump in December quarter profit - Rs 18,549 crore
- How to transfer EPF online? Step-by-step process fully explained
- 6.5-magnitude quake jolts Philippines, no tsunami alert issued
Star Health IPO continues to struggle with subscription even on Day 3; issue booked 79% till 05:05 pm, retail portion oversubscribed
The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Co. Ltd continues to see sluggish subscription even on Day 3.
The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Co. Ltd continues to see sluggish subscription even on Day 3. The issue has been subscribed 79 per cent on the last day of offer till 05:05 pm on Thursday.
The share sale received bids for mere 3,55,45,560 stocks as against a total of 4,49,08,947 shares on offer
However, the retail portion has been oversubscribed by 1.09 times as 86,92,048 shares were bid in comparison to 79,43,533 reserved. While NIIs and QIBs quota saw 0.19 and 1.03 times subscription, respectively.
See Zee Business Live TV Streaming Below:
The IPO opened on November 30 and will conclude on December 2, 2021.
Backed by Rakesh Jhunjhunwala and India’s first pure-play health insurance company, Star Health and Allied Insurance Company Ltd. (Star Health), has come up with an IPO to raise around Rs 7,250 crore. The price band is Rs 870 - 900 per share.
Around 75 per cent of the issue size has been reserved for the Qualified Institutional Buyers (QIBs), 15 per cent for the Non-Institutional Investors, and the remaining 10 per cent for the Retail Investors. The public offer includes a reservation of shares worth Rs 100 crore for employees as well.
Investors can bid for a minimum of 16 equity shares and in multiples thereof. The proceeds from the fresh issue would be used to augment the company's capital base, read the company's Draft Red Herring Prospectus (DRHP).
Incorporated in 2006, Star Health and Allied Insurance Company Ltd (Star Health) is one of the largest private health insurers in India with a market share of 15.8% in Fiscal 2021. The company primarily focuses on the retail health market segment.
Earlier Ravi Singh, head of Research and vice president, share India, has suggested investing in this IPO with a long-term objective. He said, "Due to the covid pandemic, the awareness in the health insurance sector has increased and the retail health market segment is expected to emerge as a key growth driver for the overall health insurance industry in India. The health insurance sector has a strong positive outlook and since there are only two listed general insurance companies in India, ICICI Lombard and New India Insurance, we expect Star Health is a good option to invest in the long term.
Wait for the last day and see if the subscription crosses 100 times, else don’t subscribed, Manoj Dalmia, founder and Director, Proficient equities Private limited, had said
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.