Rakesh Jhunjhunwala-owned Star Health and Allied Insurance Company Ltd has filed draft papers for its initial public offer you (IPO) with capital markets regulator SEBI. The firm is owned by Safecrop Investments India LLP, WestBridge AIF I, and ace investor Rakesh Jhunjhunwala, according to the DRHP (draft red herring prospectus). The private wellness insurer has a 15% industry share. According to CRISIL Research, Start Health is a major private wellness insurer and the biggest retail wellness insurance coverage firm in India. Rakesh Jhunjhunwala-owned Barbeque Nation and Nazara Technologies listed on the stock exchanges lately.
According to the DRHP, Star Health and Allied Insurance Company is seeking to raise more than Rs 2,000 via the IPO, which will incorporate a fresh concern of equity shares and an offer you for sale (OFS) by current shareholders and even some promoters of the firm. The fresh concern will aggregate upto Rs 2,000 crore though the OFS will see shareholders sell up to 6.01 crore equity shares of face worth Rs 10 every. These will incorporate up to 3.06 crore equity shares by Safecrop Investments India LLP, the promoter promoting shareholder. Other promoting shareholders incorporate Apis Growth 6 Limited, University of Notre Dame DU LAC, MIO IV Star, Sai Satish, Konark Trust, Berjis Minoo Desai, MMPL Trust, amongst other individuals.
The firm proposes to use the fresh concern proceeds to augment its capital base. Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited and ICICI Securities Limited are the Global Co-Coordinators and Book Running Lead Managers to the Issue.
Billionaire investor Rakesh Jhunjhunwala is one of 3 promoters of the firm, according to the DRHP. The significant bull owns 7.68 crore equity shares of Start Health and Allied Insurance, translating to a 14% stake. Reka Rakesh Jhunjhunwala owns 1.78 crore equity shares of the firm or a 3.26% stake and is element of the promoter group. Rakesh Jhunjhunwala has acquired his stake in the firm at the typical price of Rs 156.28 per share with his initially buy of equity shares coming in March 2019, according to the offer you document. So far this year, Barbeque Nation and Nazara Technologies, two Rakesh Jhunhunwala owned corporations, have currently entered the bourses via IPOs.