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Star Health and Allied Insurance Company IPO subscribed 0.18 times on Day 2

The company set a price band of Rs870-900 a share.

December 01, 2021 4:08 IST | India Infoline News Service
Initial Public Offer, IPO
Star Health and Allied Insurance Company IPO continued to see the tepid response from investors on the second day of the bidding. The issue saw 0.18 times subscription. The IPO will close tomorrow.

The IPO comprises a fresh issue of equity shares worth Rs2,000cr and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders. The public offer includes a reservation of shares worth Rs100cr for employees.

The company set a price band of Rs870-900 a share.

Ahead of the IPO, the company decided to allocate a total of 3,57,45,901 equity shares to 62 anchor investors at Rs900 apiece, aggregating to Rs3,217.13cr, according to a circular uploaded on BSE website.

The 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.

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