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Rakesh Jhunjhunwala backed Star Health Insurance files DRHP to raise funds via IPO

Rakesh Jhunjhunwala-backed Star Health Insurance files DRHP to raise funds via IPO

Rakesh Jhunjhunwala-backed Star Health Insurance files DRHP to raise funds via IPO
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By CNBCTV18.com Jul 22, 2021 4:08:46 PM IST (Updated)

Chennai-based Star Health Insurance, which is backed by Rakesh Jhunjhunwala and PE firms Westbridge Capital & Madison Capita,  has filed its draft red herring prospectus (DRHP) for a big-bang initial public offer (IPO), industry sources informed MoneyControl.

Chennai-based Star Health Insurance, which is backed by Rakesh Jhunjhunwala and PE firms Westbridge Capital & Madison Capita,  has filed its draft red herring prospectus (DRHP) for a big-bang initial public offer (IPO), industry sources informed MoneyControl.

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With this move, Star Health Insurance would become the first pure play health insurance player to debut on the Indian bourses, said MoneyControl.
“ The papers have been filed with the regulator and it will be a big issue. The fresh issue component is around Rs 2,000 crore and the larger offer for sale component will be finalised based on the valuations ,” a source was quoted as saying in the MoneyControl report.
A long list of 12 investment banks are working on this issue, namely Kotak Investment Banking, Axis Capital, BofA Securities, Citi, ICICI Securities, CLSA, Credit Suisse, IIFL Capital, Dam Capital, SBI Capital, Ambit Capital and Jefferies while Cyril Amarchand Mangaldas and Trilegal were the legal advisors, another source was quoted as saying.
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