india

Star Health public offer to open on November 30

Price band fixed at ₹870-900 a share

Star Health and Allied Insurance Co. Ltd.’s ₹7,249 crore IPO will open on November 30. The Rakesh Jhunjhunwala-backed insurer aims to raise funds to help improve its capital base and maintain solvency levels.

The shares will be listed on stock exchanges by December 10. The price band for the offer has been fixed at ₹870-900 per equity share.

Bids can be made for a minimum of 16 equity shares and in multiples of 16 thereafter, company officials said. The offer comprises fresh issue of shares for ₹2,000 crore and an offer for sale of 5.83 crore shares by shareholders such as Safecrop Investments India — which is selling 3.06 crore shares — Konark Trust, MMPL Trust, Apis Growth 6, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

About 75% of the issue is earmarked for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. Shares worth ₹100 crore are reserved for employees.

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