Home Stock list Latest GMP as All Eyes on the Stock Quotation

Latest GMP as All Eyes on the Stock Quotation

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The allocation of shares of Star Health IPO has been finalized and all eyes are now on its share listing which is expected to take place on Friday, December 10. Meanwhile, the private health insurer has reduced the size of its sales offering (OFS) to ??4,400 crore ??5,249 crore after its initial public offering received a lukewarm response.

Star Health’s initial public offering was not fully subscribed at auction close. The IPO of the country’s largest private health insurance company was only 79% underwritten. Backed by billionaire stock investor Rakesh Jhunjhunwala, the company had valued its IPO between ??870-900 per share.

The IPO will now consist of a new issue of ??2,000 crore and an OFS of up to 48.89 million shares instead of the 58.32 million shares expected earlier by its existing promoters and shareholders. Safecrop Investments India LLP will now sell 29.85 million shares and not 30.68 million previously planned shares.

According to market watchers, Star Health shares are listed at a discount of ??60 on the gray market today.

Star Health, the country’s leading private health insurer, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala. The proceeds of the new issue will be used to increase the capital of the company. The company raised a little more ??3,217 crore from key investors before its IPO.

SBI Life Insurance Co, HDFC Life Insurance Co, ICICI Prudential Life Insurance Co and ICICI Lombard General Insurance Co are among the insurance companies listed on the Indian stock exchanges.

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