Star Health and Allied Insurance Co (SHAICL), owned by a consortium of investors, like Rakesh Jhunjhunwala and Westbridge Capital, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise funds by means of an initial public supplying (IPO).
The Chennai-based standalone overall health insurance coverage company’s IPO comprises equity shares of face worth of Rs 10 each and every comprising a fresh problem aggregating up to Rs 2,000 crore and an present for sale of up to 6.01 crore equity shares, like up to 3.06 crore equity shares by Safecrop Investments India LLP (promoter promoting shareholder), up to 1.37 lakh equity shares by Konark Trust, up to 9,518 equity shares by MMPL Trust (promoter group promoting shareholders) and up to 76.80 lakh equity shares by Apis Growth 6.
The present also comprises up to 41.10 lakh equity shares by Mio IV Star, up to 74.38 lakh equity shares by University of Notre Dame Du Lac, up to 41.10 lakh equity shares by Mio Star, up to 25.09 lakh equity shares by ROC Capital Pty Ltd, up to 14.76 lakh equity shares by Venkatasamy Jagannathan, up to 18.04 lakh equity shares by Sai Satish and up to 1.44 lakh equity shares by Berjis Minoo Desai. The present incorporates a reservation for subscription by eligible workers.
The net proceeds from the fresh problem are proposed to be utilised for augmentation of the company’s capital base.
Star Health was founded by V Jagannathan, who earlier headed United India Insurance in 2006 and offers overall health insurance coverage, overseas mediclaim and private accident policies. A consortium led by Rakesh Jhunjhunwala and Westbridge Capital had acquired more than 90% stake in the enterprise in 2019.
For the IPO, Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India and ICICI Securities are the worldwide co-coordinators and book operating lead managers. CLSA India, Credit Suisse Securities (India) and Jefferies India are the book operating lead managers to the problem. Ambit Pvt Ltd, DAM Capital Advisors (formerly IDFC Securities ) and IIFL Securities and SBI Capital Markets are the co-book operating lead managers to the problem.