Star Health Insurance IPO to open on Nov 30; units worth band at Rs 870-900/share

Star Health and Allied Insurance Company on Wednesday mentioned it has mounted 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 traders will open on November 29, the corporate introduced.
The IPO contains recent concern of fairness shares price Rs 2,000 crore and an offer-for-sale of as much as 58,324,225 fairness shares by promoters and present shareholders.
Those providing shares via the offer-for-sale are promoter and promoter group — Safecrop Investments India LLP, Konark Trust, MMPL Trust — and present traders — Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.
The public supply features a reservation of shares price Rs 100 crore for workers.
At the higher finish of the worth band, the preliminary share-sale is predicted to fetch Rs 7,249.18 crore.
Proceeds from the recent concern can be used to enhance the corporate’s capital base.
About 75 per cent of the difficulty dimension has been reserved for certified institutional consumers (QIBs), 15 per cent for non-institutional traders and the remaining 10 per cent for retail traders.
Investors can bid for at least 16 fairness shares and in a number of thereof.
Star Health, main personal well being insurer within the nation, is owned by a consortium of traders like Westbridge Capital and Rakesh Jhunjhunwala.
At current, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are the few insurance coverage firms that are listed on the inventory exchanges.
Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the service provider bankers to the difficulty.
The fairness shares of the corporate can be listed on the BSE and NSE.