India’s billionaire investor Rakesh Jhunjhunwala-based health insurer, Star Health and Allied Insurance Co Ltd, has fixed a price band of Rs 870-900 per share for its maiden IPO through which it would raise Rs 7,249 crore.
The subscription will open on 30 November and conclude on 2 December.
This is the third biggest IPO this year after Paytm and Zomato this year.
Read more: IPO roller coaster: Should you invest?
Bids can be made for a minimum of 16 Equity Shares and in multiples of 16 equity shares thereafter.
At the upper end of the price band, the initial share-sale is expected to be Rs 7,249.18 crore.
Junjhunwala will not be selling his shares in the IPO.
Those offering shares through the offer-for-sale are promoter and promoter group -- Safecrop Investments India LLP, Konark Trust, MMPL Trust -- and existing investors -- Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.
The IPO comprises fresh issue of equity shares worth Rs 2,000 crore and an offer-for-sale of up to 58,324,225 equity shares by promoters and existing shareholders. Shares worth Rs 100 crore are reserved for employees.
At present, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are the few insurance companies which are listed on the stock exchanges.
The equity shares of the company will be listed on the BSE and NSE.
(With agency inputs)
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