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Rakesh Jhunjhunwala backed Star Well being IPO to open on Nov 30: Verify worth band and different particulars

New Delhi: Star Well being and Allied Insurance coverage Firm on Wednesday stated it has fastened a worth band of Rs 870-900 a share for its Rs 7,249-crore preliminary public providing, which can open on November 30.

The three-day preliminary public providing (IPO) will conclude on December 2. The bidding for anchor buyers will open on November 29, the corporate introduced.

The IPO contains recent concern of fairness shares value Rs 2,000 crore and an offer-for-sale of as much as 58,324,225 fairness shares by promoters and present shareholders.

These providing shares by way of the offer-for-sale are promoter and promoter group — Safecrop Investments India LLP, Konark Belief, MMPL Belief — and present buyers — Apis Progress 6 Ltd, Mio IV Star, College of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The general public provide features a reservation of shares value Rs 100 crore for workers.

On the higher finish of the value band, the preliminary share-sale is anticipated to fetch Rs 7,249.18 crore.

Proceeds from the recent concern can be used to reinforce the corporate’s capital base.

About 75 per cent of the problem dimension has been reserved for certified institutional consumers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail buyers.

Traders can bid for at least 16 fairness shares and in a number of thereof.

Star Well being, main non-public well being insurer within the nation, is owned by a consortium of buyers like Westbridge Capital and Rakesh Jhunjhunwala.

At current, SBI Life Insurance coverage Firm, HDFC Life Insurance coverage Firm, ICICI Prudential Life Insurance coverage Firm and ICICI Lombard Common Insurance coverage Firm are the few insurance coverage corporations that are listed on the inventory exchanges.

Kotak Mahindra Capital Firm, Axis Capital, BofA Securities India, Citigroup International Markets India, ICICI Securities, CLSA India, Credit score Suisse Securities (India) Non-public Restricted, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the service provider bankers to the problem.

The fairness shares of the corporate shall be listed on the BSE and NSE.

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