Rakesh Jhunjhunwala-backed Star Health's IPO subscribed 5% so far on Day 1

Rakesh Jhunjhunwala-backed Star Health's IPO subscribed 5% so far on Day 1
© Provided by CNBCTV18

Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company’s initial public offer (IPO) was subscribed five percent so far on Tuesday, the first day of bidding. The IPO of Star Health, backed by Rakesh Jhunjhunwala and PE firm Westbridge Capital, is worth Rs 7,249 crore,  including fresh issuance of Rs 2,000 crore and an offer for sale (OFS) of equity worth Rs 5,249 crore. Chennai-based insurer Star Health’s IPO will close for subscription on Thursday, December 2.

By 10:54 am, the Star Health IPO received bids for 24.5 lakh shares as against the 4.5 crore shares on offer, a subscription of five percent.

The portion of the IPO reserved for retail investors was subscribed 21 percent.

Star Health shares will likely be listed on bourses BSE and NSE on December 10.

ALSO READ: Should you subscribe to Rakesh Jhunjhunwala-backed Star Health’s IPO?

Potential investors can bid for Star Health shares in the price band of Rs 870-900 in multiples of 16 under the IPO. At the upper end of the IPO price band, one lot is worth Rs 14,400.

The IPO of Star Health and Allied Insurance Company comes at a time when most public offers have seen a robust response from investors in the recent times. Meanwhile, Go Fashion made a strong listing on Dalal Street on Tuesday, with shares listing at a premium of 91 percent over its issue price. Go Fashion — the operator of Go Colors outlets — joins the long list of successful IPOs so far this year. (Check out the complete list of India’s biggest IPOs of all time)

Catch latest stock market updates here

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