India’s Star Health and Allied Insurance has raised approximately $428m from anchor investors ahead of its initial public offering (IPO).
More than 60 anchor investors joined the pre-IPO round, which included the allocation of 3,57,45,901 equity shares at a price of INR900 apiece.
Investors who joined the round included the Monetary Authority of Singapore, the Government of Singapore, The New Economy Fund, Baillie Gifford Pacific Fund, WF Asian Smaller Companies Fund, Valiant Mauritius, Abu Dhabi Investment Authority, Desjardins Emerging Markets Fund and Lazard Emerging Markets.
The round also saw participation from Indian investors such as SBI Life Insurance, HDFC Life Insurance, Max Life Insurance, Edelweiss, IIFL Special Opportunities Fund, Kuber India Fund, Jupiter India Fund and Bharti Axa Life Insurance.
Star Health’s IPO opened for subscription on 30 November and will close on 2 December 2021. As per Money Control, the IPO was subscribed 12% on its debut.
Retail investors have booked 64% of the offering reserved for them.
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The health insurance firm has priced its IPO between $11.67 (INR870) to $12.07 (INR900) per share.
It is planning to raise $970m through its public issue, which includes a fresh issue of shares worth $268.46m and an offer for the sale of nearly 81 million shares by existing selling shareholders and promoters.
The insurer, which counts billionaire investor Rakesh Jhunjunwala, Westbridge Capital and Madison Capital among its backers, will use the proceeds for strengthening its capital base.