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Rakesh Jhunjhunwala-backed Star Health raises Rs 3,217.13 crore from anchor investors, ahead of IPO opening

Star Health and Allied Insurance Company will open its initial public offering on November 30 and the issue will close on December 2, 2021.

November 29, 2021 / 11:10 PM IST
Star Health IPO | Rakesh Jhunjhunwala is the second biggest shareholder in Star Health after Safecrop Investments India.

Star Health IPO | Rakesh Jhunjhunwala is the second biggest shareholder in Star Health after Safecrop Investments India.

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Ace investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company, on November 29, mopped up Rs 3,217.13 crore from 62 anchor investors ahead of its IPO opening. The offer will open for subscription on November 30 and close on December 2, 2021.

The company, in its BSE filing, said it, in consultation with merchant bankers, has finalised allocation of 3,57,45,901 equity shares to anchor investors, at a price of Rs 900 per share.

Marquee investors, who participated in the offer included Monetary Authority of Singapore, Government of Singapore, The New Economy Fund, Baillie Gifford Pacific Fund, WF Asian Smaller Companies Fund, Valiant Mauritius, Abu Dhabi Investment Authority, Desjardins Emerging Markets Fund, Lazard Emerging Markets, Aberdeen New India Investment Trust Plc, Morgan Stanley, SEI Institutional Investments Trust, WCM Focused Emerging Markets, Moraine Master Fund, Societe Generale, Partners Bay Master Fund, Segantiii India Mauritius, and NVIT Emerging Markets Fund.

Domestic investors including SBI Life Insurance, HDFC Life Insurance, Max Life Insurance, Edelweiss, IIFL Special Opportunities Fund, and Bharti Axa Life Insurance also bought shares in the company.

Star Health is planning to mobilise Rs 7,249 crore through its public issue that consists of a fresh issuance of shares worth Rs 2,000 crore, and an offer for sale of shares worth Rs 5,249 crore by several selling shareholders including Safecrop Investments India LLP, KONARK Trust, and MMPL Trust. It is the third largest public issue in the year 2021.


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The company, which has built one of the largest health insurance hospital networks in India with 11,778 hospitals as of September 2021, will utilise net proceeds from fresh issue for augmentation of its capital base and maintenance of solvency levels.

Star Health is one of the largest private health insurers in India with a market share of 15.8 percent in the Indian health insurance market in FY21, with total gross written premium (GWP) in FY21 at Rs 9,348.95 crore.

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The company offers wide coverage options primarily for retail health, group health, personal accident and overseas travel, which accounted for 87.9 percent, 10.5 percent, 1.6 percent and 0.01 percent, respectively, of their total gross written premium in FY21.

Also readStar Health IPO opens on November 30: 10 key things to know before subscribing public issue
Moneycontrol News
first published: Nov 29, 2021 11:04 pm
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