Star Health IPO to open on Nov 30: Check Issue date, price band, lot size & other details

The Initial Public Offering (IPO) of Star Health and Allied Insurance Company will open for subscription on Monday, November 30 and will conclude on December 2. The price band for the Start Health IPO has been fixed at Rs 870-900 per share. The bidding for anchor investors will start on Sunday, November 29. 

The Rs 7,249-crore IPO of Rakesh Jhunjhunwala-backed company comprises fresh issue of equity shares worth Rs 2000 crore and an OFS (Offer for Sale) of up to  58,324,225 equity shares by promoters and existing shareholders.

Star Health IPO: All you need to know

• Start Health IPO date: November 30- December 2
• Price band: Rs 870-900 per share
• Star Health IPO size: Rs 7,249-crore IPO comprises Rs 2000 crore worth of fresh issue and OFS of up to 58,324,225 equity shares
• Star Health IPO share allotment date: December 7
• Star Health IPO listing date: December 10

Under OFS, promoter and promoter group Safecrop Investments India LLP, Konark Trust, MMPL Trust are offering shares. Existing investors who are offloading shares are Mio IV Star, University of Notre Dame Du Lac, Apis Growth 6 Ltd., ROC Capital Pty Ltd, Mio Star, Sai Satish, Venkatasamy Jagannathan and Berjis Minoo Desai.

Star Health has reserved equity shares worth Rs 100 crore for employees. At the upper price band, Star Health IPO is expected to fetch Rs 7,249.18 crore. The funds generated from the IPO would be used to augment the insurance company's capital base.

About 75% of the issue size has been reserved for QIBs (Qualified Institutional Buyers), 15% for Non-Institutional Buyers (NIBs) and 10% for Retail Individual Investors (RIIs). Investors can bid for a minimum of one lot (16 equity shares) and in multiples thereof.

Star Health, which is one of the leading private health insurers in the country, is owned by a consortium of investors like Rakesh Jhunjhunwala and Westbridge Capital.

Currently, HDFC Life Insurance Company, SBI Life Insurance Company, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company are the few health insurance listed companies listed on stock exchanges.