Rakesh Jhunjhunwala-promoted Star Health sets IPO price at Rs 870-900

Star Health IPO: Safecrop Investments India, Westbridge and ace investor Rakesh Jhunjhunwala-promoted Star Health and Allied Insurance Company has fixed a price band of Rs 870-900 per share for its maiden public offer.

The public issue will open for subscription on November 30 and it will close on December 2, 2021. The anchor book, if any, may open for investors for a day on November 29, a day before the issue opening.

The IPO consists of a fresh issuance of shares worth Rs 2,000 crore and an offer for sale (OFS) of 5.83 crore equity shares by several shareholders including promoters Safecrop Investments India LLP, KONARK Trust & MMPL Trust.

APIS Growth 6, MIO IV Star, MIO Star, University of Notre Dame DU LAC, ROC Capital Pty Limited, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai will also offload some of their shareholding in the company via OFS. The company has reserved shares worth Rs 100 crore for its employees.

The public issue will fetch Star Health Rs 7,249.18 crore at upper price band. It is the third largest IPO in issue size in current year 2021.