The first bid would be Rs 478 crore for 53 lakh bids, officials said in a regulatory filing.
Star Health & Allied Insurance Company Ltd’s initial public issue of Rs 7,247 crore was oversubscribed 0.12x on the upper band of Rs 900 from non-institutional investors and retail investors on the first day.
The first bid would be Rs 478 crore for 53 lakh bids, officials said in a regulatory filing.
Star is the leading private health insurer in the country and is backed by veteran investor Rakesh Jhunjhunwala. During a recent interaction, company officials said that Mr. Jhunjhunwala and other promoters will continue to be in the company for a long time.
Executive Chairman V. Jagannathan said, “With a nominal share capital of Rs 108 crore, Star Health today entered the capital market. It has raised around Rs 7,249 crore to maintain its solvency level and keep its flag high ” Hindu.
Stating that they had collected over Rs 9,000 crore in gross written premium during the last fiscal, he said, “It describes our growth story.”
When asked about the initial reaction on the issue, he said, “We are working with the customers. We give them good service. The job loss rate in our company is minimal as we follow “Family Culture”. Every employee is giving their best. ,
The motto of the company is to stand with the customers and provide the best services. It has 1,000 offices in different parts of the company and is supported by five lakh agents, 10,000 employees and 450-500 doctors, he added.
Star Health’s IPO includes fresh issue of equity shares worth Rs 2,000 crore and offer for sale of shares by promoters and existing shareholders. The shares are offered in the price range of Rs 870 to Rs 900.
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