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 purple herring prospectus (DRHP) with Sebi for an preliminary public providing.

The preliminary stake sale will encompass issuance of contemporary fairness shares aggregating to Rs 2,000 crore and provide on the market (OFS) of up to 60,104,677 fairness shares by the promoters and present shareholders of the corporate.

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

Existing buyers together with Apis Growth, University of Notre Dame DU LAC, MIO Star, ROC Capital Pty, Sai Satish, Venkatasamy Jagannathan and Berjis Minoo Desai might be promoting part of their shares within the IPO.

The firm has reserved 75 per cent of the shares for certified institutional patrons (QIBs) allocation and 15 per cent shares are allotted to non-institutional bidders (NIIs). Retail buyers may have the remaining 10 per cent allocation.

The fairness shares of the corporate might be listed on BSE and NSE.

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

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

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