Star Health IPO was subscribed 79 per cent on the last day of its issueBillionaire investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company’s initial public offer (IPO) got subscribed only 79 per cent on the final day of its issue on Thursday, December 2, 2021. It had been launched on November 30, 2021.The Rs 7,249 crore offer received bids for over 3.55 crore shares against the total issue size of over 4.49 crore shares, the data further showed.Despite the subscription time being extended by two hours till 7 pm, from the normal closing time of 5 pm on Thursday, the public offer could not fully subscribe.Normally, according to market watchers, a company is required to raise at least 90 per cent of the total issued size, for an IPO to be called successful.The shares allocated for the qualified institutional buyers (QIBs) was subscribed 1.03 times, while those for non-institutional investors was subscribed just 0.19 times. Retail investors’ share was subscribed 1.10 times.Star Health IPO consisted of a fresh issue of equity shares worth Rs 2,000 crore and an offer-for-sale (OFS) of up to 58,324,225 equity shares by promoters and existing shareholders.It had a price band of Rs 870-900 per share and prior to the IPO, Star Health had raised over Rs 3,217 crore from anchor investors.Star Health is a leading private health insurer in the country and is owned by a consortium of investors like Westbridge Capital and billionaire Rakesh Jhunjhunwala.
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