Backed by billionaire Indian investor Rakesh Jhunjhunwala, he is seeking to raise 72.49 billion rupees ($ 974.23 million) and has set a price range between 870 and 900 rupees per share, according to a document with a content of delivered.
The offering will open for subscription on November 30 and comes as several companies, including top startups, go public to cash in on the booming Indian stock market amid massive liquidity and participation. increased retail investors.
If fully subscribed, Star Health’s IPO would be the third largest this year after fintech Paytm and food delivery company Zomato, whose offerings raised $ 2.46 billion and $ 1, respectively. , $ 26 billion.
The proceeds will be used to improve the capital base and maintain solvency levels, according to its prospectus.
The company’s shares are expected to be listed on the Mumbai market around December 10 and would make Star Health the first insurance provider to hit the public markets since 2017.
Investors will be watching closely his subscription to the offer, as Paytm’s dismal start last week cast doubt on upcoming IPOs and raised concerns about the domestic stock market being overvalued.
Indian payment firm MobiKwik postponed its IPO plans on Tuesday, following the poor performance of Paytm.
BofA Securities, Citi, Kotak Mahindra Capital and Axis Capital are among the main portfolio managers of Star Health’s public offering. ($ 1 = 74.4075 Indian rupees)