Rakesh Jhunjhunwala-backed Star Health and Allied Insurance set to open its IPO next week — here are a few important details

• The health insurer’s IPO is looking to raise ₹7,249 crore through the public issue of shares.
• The IPO consists of a fresh issue of shares worth ₹2,000 crore and an offer for sale of 5.83 crore shares by existing promoters and shareholders.
• Star Health and Allied Insurance IPO will open on November 30 and close on December 2.

Health insurance company Star Health and Allied Insurance, which is backed by marquee investors like Rakesh Jhunjhunwala and Westbridge Capital, is all set to open its initial public offering (IPO) next week.

The company is looking to raise ₹7,249 crore through the public issue of shares. The price band of the IPO is ₹870-900 per share.

The IPO consists of a fresh issue of shares worth ₹2,000 crore and an offer for sale of 5.83 crore shares by existing promoters and shareholders.

Here are some important dates of the IPO:

Safecrop Investments India LLP, APIS Growth 6, University of Notre Dame DU LAC, MIO IV Star, MIO Star, ROC Capital, Sai Satish, Venkatasamy Jagannathan, Konark Trust, Berjis Minoo Desai and MMPL Trust are all of the shareholders selling shares in the IPO.

The net proceeds from the fresh issue will be utilised towards augmentation of the company's capital base and maintenance of solvency levels.

The private health insurer has a market share of 15.8% in the Indian health insurance market as of financial year 2021. As of September 30, 2021, it has a distribution network of 779 health insurance branches spread across 25 states and 5 union territories in India.

The health insurer has made a loss for the first time in three years in FY21 while revenue continues to rise.

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