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Rakesh Jhunjhunwala-backed Star Health's IPO subscribed 20% on Day 2

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Rakesh Jhunjhunwala-backed Star Health's IPO subscribed 20% on Day 2

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Rakesh Jhunjhunwala-backed Star Health's IPO will close for subscription on Thursday, December 2. Star Health shares are available for bidding in the price band of Rs 870-900 in multiples of 16 under the IPO.

Rakesh Jhunjhunwala-backed Star Health's IPO subscribed 20% on Day 2
Ace investor Rakesh Jhunjhunwala-backed Star Health's initial public offering (IPO) was subscribed 20 percent on Wednesday, the second day of the bidding process. The IPO of Chennai-based insurance company Star Health, backed by Jhunjhunwala and PE firm Westbridge Capital, is estimated at Rs 7,249 crore, including fresh issuance of Rs 2,000 crore and an offer for sale (OFS) of equity worth Rs 5,249 crore.
At the end of the day, Star Health and Allied Insurance Company's IPO received bids for 89.7 lakh shares as against the total 4.5 crore shares on offer, a subscription of 20 percent.
The category for retail investors was subscribed 89 percent and that for qualified institutional buyers (QIBs) seven percent. The portion reserved for non-institutional investors portion was booked two percent.

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Out of the Star Health issue, a portion of 75 percent is reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors and 10 percent for retail investors. The public offer includes a reservation of shares worth Rs 100 crore for employees.
The Star Health IPO was subscribed 12 percent on Wednesday, the first day of bidding.
Potential investors can bid for Star Health shares in the price band of Rs 870-900 in multiples of 16 under the IPO. At the upper end of the IPO price band, one lot is worth Rs 14,400.


Star Health and Allied Insurance's IPO will close for subscription on Thursday, December 2. Star Health shares will likely be listed on bourses BSE and NSE on December 10.
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