IPOs of Rakesh Jhunjhunwala-backed Star Health, Tega Industries to hit market next week

Asia's Tech News Daily

IPOs of Rakesh Jhunjhunwala-backed Star Health, Tega Industries to hit market next week
© Provided by Business Today IPOs of Rakesh Jhunjhunwala-backed Star Health, Tega Industries to hit market next week

The ongoing initial public offering (IPO) rush will continue next week as Star Health and Allied Insurance Company, backed by ace investor Rakesh Jhunjhunwala, and Tega Industries will look to raise a total of over Rs 7,768 crore through their initial share sale.

The IPO of Star Health will open on November 30 and close on December 2, while that of Tega Industries will open on December 1 and conclude on December 3.

Till now in November, 10 firms have successfully concluded their IPOs. So far in 2021, as many as 51 companies have launched their IPOs to raise over Rs 1 lakh crore, according to analysis of data with exchanges.

The fund raising so far this year is way higher than Rs 26,611 crore collected by 15 companies through initial share sale in the entire 2020. Such impressive fund raising through IPOs was last seen in 2017 when firms mobilised Rs 67,147 crore through 36 IPOs.

Star Health has fixed a price band of Rs 870-900 per share for the IPO, which involves fresh issue of shares worth Rs 2,000 crore and an offer for sale (OFS) of 5.83 crore equity shares by several shareholders including promoters Safecrop Investments India LLP, KONARK Trust & MMPL Trust.

APIS Growth 6, MIO IV Star, MIO Star, University of Notre Dame DU LAC, ROC Capital Pty Limited, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai will also sell a part of their stake via the OFS.

Also Read: COVID-19 new variant: Health Ministry revises guidelines for international arrivals

The company has allocated shares worth Rs 100 crore for its employees. The firm is looking to raise Rs 7,249.18 crore from the IPO at the upper price band.

The net proceeds from the issue will be utilised towards raising of company’s capital base and maintenance of solvency levels.

Star Health and Allied Insurance Company is among the largest private health insurers in India with a market share of 15.8 per cent in fiscal 2021. The company focuses on the retail health and group health segments which accounted for 89.3 per cent and 10.7 per cent of its total Gross Written Premium (GWP) in fiscal 2021, respectively.

Jhunjhunwala and his wife Rekha are the second-largest shareholders in the company with 18.21 per cent stake. Safecrop Investments India LLP is the biggest shareholder with 47.77 per cent stake.

Meanwhile, Tega Industries has fixed its price band at Rs 443-453 per share for its Rs 619-crore share sale. The IPO of the manufacturer of consumables for the mining industry is purely an OFS of 1,36,69,478 equity shares by promoters and a existing shareholder.

Promoters Madan Mohan Mohanka and Manish Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the OFS.

Currently, promoter and promoter group hold 85.17 per cent stake in the company and Wagner owns 14.54 per cent shareholding.

(With PTI inputs)

Also Read: Reliance Jio follows Airtel, Vodafone Idea; hikes prices


Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Flamboyant American rock star Meat Loaf dies at 74

© Ralph Orlowski, Reuters Meat Loaf, the flamboyant American rock star who rose to global fame with his debut “Bat Out of Hell” album, has died aged 74. The singer and ... Read more »

Olly Alexander wants 'erotic superhero' role

© Bang Showbiz Olly Alexander hopes to play an ‘erotic superhero’ Olly Alexander wants to play an “erotic superhero”. The Years & Years singer was praised for his acting in ... Read more »

Special Oireachtas committee on international surrogacy to be established

© Shutterstock nerudol A SPECIAL JOINT Oireachtas committee on international surrogacy is set to be established, the Government has confirmed.  In a statement, it said Justice Minister Helen McEntee, Health ... Read more »

Anna Kendrick and Bill Hader have been ‘quietly dating' for over a year and fans are shocked

© Getty Anna Kendrick and Bill Hader – Getty Social media users can’t believe Anna Kendrick and Bill Hader have been ‘quietly dating’ each other for over a year. On ... Read more »

Frozen musical extends West End run - how to get tickets

It’s official – the Frozen musical is extending its run in London’s West End. Having previously announced shows at the Theatre Royal Drury Lane up to the end of June, ... Read more »

Referee in Africa Cup of Nations goes viral for his brilliantly bizarre running technique

Football fans that have been watching the Africa Cup of Nations have been treated to a fantastic spectacle so far. There have been so many talking points in Cameroon – ... Read more »

Foo Fighters drop song for Fraggle Rock revival soundtrack

© Bang Showbiz Foo Fighters release Fraggle Rock Rock Foo Fighters have released a new song for the revival of children’s classic ‘Fraggle Rock’. Dave Grohl and co have released ... Read more »

A Christmas Story sequel in development

© Bang Showbiz A sequel to ‘A Christmas Story’ is being developed A sequel to ‘A Christmas Story’ is in the works. Legendary and Warner Bros. have reportedly closed a ... Read more »

Top US, Russian envoys discuss Ukraine at 'critical moment'

© Provided by Associated Press U.S. Secretary of State Antony Blinken, left, shake hands with Russian Foreign Minister Sergei Lavrov, right, prior to their meeting in Geneva, Switzerland, Friday, Jan. ... Read more »

Norway mass killer tests limits of lenient justice system

1 / 10Norway Justice Too SoftFILE – Convicted mass murderer Anders Behring Breivik looks on during the last day of his appeal case in Borgarting Court of Appeal at Telemark ... Read more »

The Six Nations 2022 power rankings

The Six Nations is around the corner, with the squads having been announced for the northern hemisphere’s showpiece. But who are the ones to beat? Can Wales defend their crown? ... Read more »

Donald Trump Says Joe Biden's Remarks Gave Russia the 'Green Light' on Ukraine

© MANDEL NGAN/AFP/Getty Images Then-US President Donald Trump boards Air Force One before departing Harlingen, Texas on January 12, 2021. Trump on Thursday said he believes that President Joe Biden ... Read more »

Ghana explosion: Almost entire town leveled after explosives delivery truck crash

© Prestea Huni-Valley Municipal Assembly People sift through debris from Thursday’s explosion in Apiate, in western Ghana. At least 17 people were killed in a blast in western Ghana on ... Read more »

UAE, Turkey to ink new agreements during Erdogan’s upcoming visit

© Provided by Khaleej Times The UAE and Turkey are expected to sign new agreements and “renew previous commitments” during the anticipated visit of the Turkish President, Recep Tayyip Erdogan, ... Read more »

‘The Greens want to take our meat away’: Europeans go to war over their dinner

© Provided by The Guardian Photograph: Denis Doyle/Getty Images A row over meat consumption in Spain over the last month is just the most recent eruption of the debate all ... Read more »

Dubai Police return €33,600 to transit passenger who lost cash at airport

© Provided by Khaleej Times Supplied photo Dubai Police recently returned €33,600 (Dh140,000) to a transit passenger after the man lost the cash during his outbound journey via the Dubai ... Read more »

Covid in UAE: Pakistani engineer-turned-security guard wins Dh100,000 in Mahzooz draw

© Provided by Khaleej Times The 60th weekly live Mahzooz draw transformed the lives of its winners and changed their perceptions about hope and luck. For Pakistani national Mubashir, winning ... Read more »

Coronavirus: UAE reports 2,921 new cases and three deaths

© Provided by The National Dubai, United Arab Emirates: A health worker showing a swap at a newly opened low cost PCR testing tent that has the capacity to do ... Read more »

160 PS bei 15 Kilo Gewicht als Motorradmotor - Astron Omega 1 Turbinenmotor

Ein Startup aus den USA hat einen spektakulären Kreiskolbenmotor entwickelt. Die Maschine leistet 160 PS bei nur 15 Kilogramm Gewicht. Ist das der perfekte Motorradmotor? © Astron 90 Jahre und ... Read more »

Workers dismantle London's Marble Arch Mound

© Jeremy Selwyn MarbleArchMoundDismantled200122v1 The much-maligned Marble Arch Mound is finally being dismantled after a petition to save the £6million attraction failed. Works have already begun to take apart the ... Read more »

Russian space debris came within 47ft of knocking out China satellite

Space debris from a Russian anti-satellite missile test came within 47 feet (14.5 metres) of knocking out China’s Tsinghua science satellite this week, Beijing claims.  The near-miss between Tsinghua and ... Read more »

Australian Open: Osaka v Anisimova into final set and Barty cruises through – live!

LIVE – Updated at 10:15 Join Luke McLaughlin for live coverage of the evening session in Melbourne with Rafael Nadal in action later. Barty defeats Giorgi! 6-2, 6-3 10:15 Barty ... Read more »

LME chief Matt Chamberlain to step down in April

© Reuters/STAFF Matt Chamberlain, CEO of the London Metal Exchange (LME), attends the LME Asia Week in Hong Kong LONDON (Reuters) -London Metal Exchange (LME) Chief Executive Matt Chamberlain will ... Read more »

Police seek help finding relatives of woman who died at London Tube station

© British Transport Police FJeAUwDXMAMQXTS.png Police have released an image of a woman who died of a heart attack at a west London Tube station in a bid to find ... Read more »

'I live in the Tower of London and tourists think I'm a prisoner princess'

Megan Clawson shares some 'gruesome history' from the Tower of London See more videos What to watch next Martin Lewis reveals how to check if you're entitled to benefits you ... Read more »

Pakistan sees highest daily COVID cases since pandemic began

Pakistan has reported more than 7,000 COVID-19 cases in a single day, its highest daily number of infections since the pandemic began, as the South Asian nation imposes new restrictions ... Read more »

Tongan Olympic flagbearer finds out father unharmed after tsunami

Tongan Olympic flagbearer Pita Taufatofua has found out that his father is unharmed after being incommunicado for days following a huge underwater volcanic eruption and tsunami. The Pacific island nation ... Read more »

Rapid KL tutup sementara beberapa stesen LRT, MRT, dan Monorel di Bandaraya KL pada 22 Januari 2022

Rapid KL di saluran media sosial mereka mengutuskan pemberitahuan tentang beberapa stesen LRT, MRT, dan semua stesen monorel di Bandaraya KL pada 22 Januari 2022 daripada 7 pagi hingga 3 ... Read more »

Brits struggling to pay energy bills to get ‘more help' minister says ahead of potential £500 payouts to millions

BRITS who are struggling to pay soaring energy bills are set to get “more help” from the Government, a senior minister declared today. Business secretary Kwasi Kwarteng confirmed No 10 ... Read more »

I ignored advice to sleep on my back after getting my nipples pierced…. I learnt the hard way that was a mistake

IN RECENT years we’ve seen many stars proving it’s not what they are wearing – but what lies under their clothes that steals the show.  From Love Island’s Maura Higgins ... Read more »

How much will you get at state pension age? Britons urged to check

The full new state pension is currently £179.60 per week, but what someone gets is usually based on their National Insurance contributions. Typically 10 years are needed for any sum ... Read more »

Dancing On Ice horror as Connor Ball DROPS partner Alexandra who smashes onto rink in brutal accident

MUSICIAN Connor Ball dropped his Dancing On Ice partner Alexandra Schauman in a brutal training accident before she smashed onto the rink. Photos captured the moment The Vamps bassist tossed ... Read more »

ITV This Morning: Holly Willoughby shares 'gorgeous' snap but fans are 'going crazy' over something else

Holly Willoughby is the TV presenter and national treasure best known for her work presenting This Morning alongside Phillip Schofield. She has also had roles hosting Dancing on Ice and ... Read more »

Wallace and Gromit adventure coming to BBC in 2024

© Bang Showbiz Peter Sallis, who previously voiced Wallace until his death in 2017 A brand-new ‘Wallace & Gromit’ adventure is coming to the BBC in 2024. The eccentric, cheese-loving ... Read more »

Treat Huey, partner crash out of Australian Open men's doubles after falling to home bets

Photo: Treat Huey/Instagram Filipino-American tennis star Treat Huey and Indonesian partner Christopher Rungkat fell short in their bid to advance to the 2022 Australian Open men’s doubles event. The Southeast ... Read more »

Stephen Loman has eyes on ONE Championship gold after impressive debut

Photo: ONE Championship Former Brave CF bantamweight champion Stephen Loman of Baguio City’s Team Lakay is raring to strut his wares again inside the cage following a highly impressive promotional ... Read more »

2022 PBA draft frontrunner: Jeremiah Gray or Justine Baltazar?

© Provided by SPIN.ph JEREMIAH Gray is the frontrunner in the upcoming PBA Rookie Draft and a recent ACL injury won’t change that. The immense potential that the 25-year-old high-flyer possesses has kept ... Read more »

Omicron restrictions force Hong Kong's women to end Rugby World Cup dream, decision ‘incredibly disappointing' union says

Women’s 15s team was expected to play Kazakhstan in Dubai on February 13 The winners of that game then face Samoa in the final global repechage tournament the following week ... Read more »

How will China's Beijing 2022 Winter Olympics "bubble" work?

© David J. Phillip/AP A person wearing a face shield walks past the Olympic rings inside the main media center at the 2022 Winter Olympics, Wednesday, Jan. 19, 2022, in ... Read more »

GMB viewers in hysterics as Laura Tobin says 'frosty fart' blunder on live TV

Good Morning Britain fans couldn’t contain their laughter as Laura Tobin accidentally made a rude on-air blunder. Innocently presenting the weather segment on the ITV daytime show on Friday, the ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic