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Star Health IPO Day 2: Issue subscribed 0.20 times, retail portion sees 89% booking
The Initial public offering (IPO) of Star Health and Allied Insurance Co. Ltd, which opened on November 30, was subscribed 0.20 times on Day 2 till 05:00 pm.
The Initial public offering (IPO) of Star Health and Allied Insurance Co. Ltd, which opened on November 30, was subscribed 0.20 times on Day 2 till 05:00 pm. The IPO will conclude on December 2, 2021. The issue received bids for over 89.67 lakh shares as against 4.49 crore shares on offer, as per the data available on the BSE on Wednesday.
The retail portion was the only segment that saw decent subscription as the bidding was made for 89% of the total quota of shares reserved for this category. Retail Individual Investors (RIIs) saw bidding for over 70.39 lakh shares as against more than 79.43 lakh shares reserved for this category.
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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).
Timeline of Start Health IPO
Application start date: November 30, 2021
Application end date: December 2, 2021
Application beginning date: December 7, 2021
Refund initiation date: December 8, 2021
Allotment date: December 9, 2021
Listing date: December 10, 2021
Dates as per Upstox
About the company
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.
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