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

New Delhi: Rakesh Jhunjhunwala-backed Start Health and Allied Insurance Company has filed a draft red herring prospectus (DRHP) with Sebi for an initial public offering.

The initial stake sale will consist of issuance of fresh equity shares aggregating to Rs 2,000 crore and offer for sale (OFS) of up to 60,104,677 equity shares by the promoters and existing shareholders of the company.

Among the promoters and promoter group shareholders, Safecrop Investments India, Konark Trust and MMPL Trust will offload their stake. The Big Bull Rakesh Jhunjhunwala will not be selling his shares, the DRHP said.

Existing investors including Apis Growth, University of Notre Dame DU LAC, MIO Star, ROC Capital Pty, Sai Satish, Venkatasamy Jagannathan and Berjis Minoo Desai will be selling a part of their shares in the IPO.

The company has reserved 75 per cent of the shares for qualified institutional buyers (QIBs) allocation and 15 per cent shares are allocated to non-institutional bidders (NIIs). Retail investors will have the remaining 10 per cent allocation.

The equity shares of the company will be listed on BSE and NSE.

The company has appointed Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India and ICICI Securities as the global co-ordinators and BRLMs for the offer.

CLSA India, Credit Suisse Securities (India), Jefferies India, Ambit, DAM Capital Advisors, SBI Capital Markets and IIFL Securities will manage the issue. KFin Technologies has been appointed as the registrar for the issue.



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