Rakesh Jhunjhunwala Backed Star Health's IPO Expected To Open Soon. Check Details Here
Rakesh Jhunjhunwala Star Health IPO: Star Health and Allied Insurance Company, a Rakesh Jhunjhunwala-backed Health Insurance company would soon be launching its IPO in the Indian market.
Rakesh Jhunjhunwala backed Star Health IPO: Star Health and Allied Insurance Company, a health insurance sector giant, backed by stock market Big Bull Rakesh Jhunjhunwala, would soon be launching its Initial Public Offering in the Indian market. Star Health is expected to launch its IPO in the last week of November. The company plans to raise Rs. 7,500 crore through this IPO.
IPO expected to open on November 30:
Star Health has not yet been able to finalize a date on which they would be launching their IPO. The company wants to launch the IPO on November 30. But investment bankers handling this IPO demand to launch it after looking at the existing market conditions. Indian stock markets have been on a steady tumble since the past week, and all the companies that have planned to launch IPOs have been exercising extra caution after Paytm's IPO listing.
Rakesh and Rekha Jhunjhunwala hold 17.26% stake in this company:
Star Health promoters own 62.80% stake in the company. Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala collectively hold 17.26% stake. Rakesh Jhunjhunwala owns a total of Rs 7.68 Crore shares in Star Health, which accounts for 14% stakes. Whereas Rekha Jhunjhunwlala owns shares worth Rs 1.78 Crore, which accounts for 3.26% of the stake. Rakesh Jhunjhunwala owned stake at the rate of Rs 158.28 per share back in March 2019. The company's second promoter, Safecrop Investments India LLP has a 45.32% stake in the company.
IPO valued at Rs. 7,500 Crore:
Stakes worth Rs 2,000 crore will be issued under the 'Fresh Issue' section, while stakes worth Rs 5,500 Crore will be issued through 'Offer for Sale' by existing shareholders. The company will invest the money raised from the IPO to expand its capital base.
Third big IPO of 2021:
For your information, Star Health's IPO will be the third largest IPO so far in 2021, after PayTM and Zomato. Paytm and Zomato had raised Rs 18,500 Crore and Rs 9,375 Crore respectively from the market through IPOs.
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