Mumbai : The initial public offering of Star Health and Allied Insurance Company Ltd. will cut the size of its offer for sale (sale of shares by existing investors) as it failed to attract sufficient demand from investors, two people aware of the matter he said.
Earlier, the IPO had extended till 5 pm for individual investors after receiving bids for only 80% of the shares on offer, excluding anchor allotments.
“The reduction in OFS will depend on the final membership number after adjusting for technical rejection of the bids,” said one of the people mentioned above.
Health insurer IPO includes a new issue of 2000 crore and offer for sale of 58.32 million shares by its existing promoters and shareholders. At the expense of the upper band, the firm plans to 7249.18 crores.
The OFS includes 30.68 million shares by Safecrop Investments India LLP, up to 7.68 million shares by Apis Growth 6 Ltd., up to 7.44 million shares by University of Notre Dame DU LAC, up to 4.11 million shares by MIO IV Star, up to 4.11 million shares, etc. Up to 2.51 million shares by MIO Star, ROC Capital Pvt Ltd.
The IPO, which started on Tuesday, was subscribed 12 per cent at the end of the first day and 20 per cent on the second day.
Retail investors bid for 1.08 times the shares reserved for them. Non-institutional investors bid for 0.18 times their quota while institutional investors subscribed for 1.03 times.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,