Star Health IPO: Check issue price, GMP, important dates, and other details

Star Health and Alliance Insurance Company led by Rakesh Jhunjhunwala is all set to bring its initial public offering on November 30, Tuesday. The three-day initial share of Star Health commencing from Tuesday will later conclude on December 2, Thursday. The Star Health IPO comes at a time when several Indian companies have already floated over by public offers with Nykaa and One97 Communications being the recent ones and now preceded by Star Health. 

As announced by the company, the price band of Star Health IPO has been set at Rs 870-900 per share while the initial share sale is likely to fetch Rs 7,249 crore at the upper end of the price band. Read on to know more about the Star Health IPO in detail.

Star Health IPO 

The Star health IPO will comprise a fresh issue of equity shares worth Rs 2,000 crore and will further provide an offer for sale of up to 58,324,225 equity shares by its promoters and existing shareholders. The initial share sale which expects to raise Rs 7,249 crore is also looking forward to raising an offer size of Rs 5,249 through the OFS part during the three-day process. 

Out of the reserved shares worth Rs 100 crore for the employees, the company has reserved 75% of the shares for the qualified institutional buyers followed by the non-institutional buyers who have been allotted 15%. The remaining 10% has been allotted to retail buyers.

Star Health IPO GMP

According to market observers, Star Health IPO has fetched Rs 10 per share in the grey market on Monday against its upper hand of the issue which is Rs 900. Meanwhile, the company will be listing its shares on December 10 at the Bombay Stock Exchange and National Stock Exchange and will further use the proceeds from the fresh issues for augmenting the company's capital base. 

Owned by Rakesh Jhunjhunwala and a consortium of investors, Star Health and Allied Insurance company is a leading health insurer in India standing with a market share of 15.8% in the current fiscal year. Presently Safecrop Investments India LLP has a 47.77% stake in the company, while Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have a stake of 14.98% and 3.23% respectively. 

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