Private Equity

Liquidity Events

Star Health trims offer-for-sale size to Rs.4,400-Cr after tepid subscription

Mint  

Chennai-based Star Health and Allied Insurance Co. Ltd has cut its offer-for-sale (OFS) size to INR 4,400 crore from INR 5,249.18 crore after its initial public offering got a weak response. The fresh issue size has been kept unchanged. Last week, retail investors placed bids for only 1.08 times the shares reserved for them. Non-institutional investors bid for 0.18 times of their quota while institutional investors subscribed 1.03 times. The total IPO size will now be INR 6,400 crore instead of INR 7,249 crore. The health insurer's IPO will now consist of a fresh issue of INR 2,000 crore and an OFS of up to 48.89 million shares instead of 58.32 million shares planned earlier by its existing promoters and shareholders. Safecrop Investments India LLP will now sell 29.85 million shares and not 30.68 million shares earlier planned. Apis Growth 6 Ltd will sell 4.34 million shares versus 7.68 million earlier, Mio IV Star will sell 3.83 million shares (cut from 4.11 million shares earlier), University of Notre Dame DU LAC will sell 5.63 million shares (7.44 million earlier), Mio Star will sell 2.49 million shares (4.11 million earlier), and ROC Capital will sell 1.4 million shares (2.51 million earlier).

From the Venture Intelligence PE-VC Deal Database: PE investors in Star Health include GIC, ROC Partners, WestBridge Capital, Rare Enterprises and Madison India. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)