Star Health’s Shares To List On Bourses Tomorrow

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Star Health’s shares will be listed on bourses on December 10

Rakesh Jhunjhunwala-backed Star Health and Allied Insurance company’s shares are expected to be listed on the bourses on Friday, December 10, after its share allotment was completed on December 8. The shares will be listed on both the national stock exchange (NSE) and the Bombay stock exchange (BSE).

The much awaited initial public offering (IPO) of the company had failed to impress investors as it could garner only 79 per cent subscription, even though the portion reserved for qualified institutional buyers (QIBs) was fully subscribed 1.03 times.

An IPO has to get at least 75 per cent subscription and the QIB portion has to get at least 90 per cent subscription, for it to sail through.

After the issue’s closure, the company had reduced the offer size to the extent of undersubscribed portion. As a result, the final issue size came down to Rs 6,400.44 crore from Rs 7,249 crore, including fresh issue of Rs 2,000 crore and an offer-for-sale of Rs 4,400.44 crore as against Rs 5,249 crore earlier.

The portions for non-institutional investors and employees were subscribed 19 percent and 10 per cent, while the retail portion was booked 1.1 times.



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