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IPO

Star Health Insurance raises Rs.3,217-Cr from anchor investors

Economic Times  

Chennai-based Star Health and Allied Insurance Company has raised a little over INR 3,217 crore from anchor investors ahead of its IPO. The company has decided to allocate a total of 3,57,45,901 equity shares to 62 anchor investors at INR 900 apiece. Monetary Authority of Singapore, Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale are among the anchor investors. In addition, SBI Life Insurance Company, HDFC Life Insurance Company and Edelweiss Mutual Fund have been allocated shares. The IPO comprises fresh issue of equity shares worth INR 2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders. At the upper end of the price band of INR 870-900, the initial share-sale is expected to fetch INR 7,249.18 crore. Proceeds from the fresh issue would be used to augment the company's capital base.

From the Venture Intelligence PE-VC Deal Database: Between Mar-10 and Jun-21, Star Health raised $1,339.6 M, with several investors making full exits. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)