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CHENNAI: Rakesh Jhunjhunwala-backed Star Well being and Allied Insurance coverage, the most important standalone medical insurance firm, plans to have a Rs 7,249-crore preliminary public providing (IPO). This may comprise a proposal measurement of Rs 5,249 crore from current promoters and shareholders. The IPO will start on November 30 and shut on December 2.
The value band is fastened at Rs 870-900 per fairness share. Bids will be made for no less than 16 fairness shares and in multiples of 16 thereafter. On the higher value band, the corporate is valued at Rs 51,000 crore, or $7 billion. Among the many listed non-life insurance coverage corporations, ICICI Lombard Basic Insurance coverage, the most important personal insurer, is valued at Rs 73,050 crore, whereas the most important non-life firm New India Insurance coverage is valued at Rs 25,453 crore.
“Jhunjhunwala, who has 17.5% stake, won’t be promoting his shares beneath the provide on the market,” MD S Prakash stated. General, the promoters will dilute a 4.8% stake. After the dilution, the promoter stake might be at 55%.
The IPO consists of a contemporary subject of shares of as much as Rs 2,000 crore and a proposal on the market of as much as 5.8 crore shares by promoters and current shareholders. The provide features a reservation as much as Rs 100 crore for subscriptions by eligible workers.
The value band is fastened at Rs 870-900 per fairness share. Bids will be made for no less than 16 fairness shares and in multiples of 16 thereafter. On the higher value band, the corporate is valued at Rs 51,000 crore, or $7 billion. Among the many listed non-life insurance coverage corporations, ICICI Lombard Basic Insurance coverage, the most important personal insurer, is valued at Rs 73,050 crore, whereas the most important non-life firm New India Insurance coverage is valued at Rs 25,453 crore.
“Jhunjhunwala, who has 17.5% stake, won’t be promoting his shares beneath the provide on the market,” MD S Prakash stated. General, the promoters will dilute a 4.8% stake. After the dilution, the promoter stake might be at 55%.
The IPO consists of a contemporary subject of shares of as much as Rs 2,000 crore and a proposal on the market of as much as 5.8 crore shares by promoters and current shareholders. The provide features a reservation as much as Rs 100 crore for subscriptions by eligible workers.
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