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Star Health IPO's share allotment has been finalized and now all eyes are set on its shares listing which is likely to be on Friday, December 10. Meanwhile, the private health insurer has cut its offer for sale (OFS) size to 4,400 crore from 5,249 crore after its initial public offering got a tepid response.

Star Health initial public offering failed to get fully subscribed by the close of bidding. The IPO of the country's largest private health insurance firm was subscribed just 79%. Backed by billionaire stock investor Rakesh Jhunjhunwala, the company had priced its IPO between 870-900 per share.

The IPO will now consist of a fresh issue of 2,000 crore and an OFS of up to 48.89 million shares instead of 58.32 million shares planned earlier by its existing promoters and shareholders. Safecrop Investments India LLP will now sell 29.85 million shares and not 30.68 million shares earlier planned. 

As per market observers, Star Health shares are quoting at a discount of 60 in the grey market today.

Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala. Proceeds from the fresh issue will be used to augment the company's capital base. The company raised a little over 3,217 crore from anchor investors ahead of its IPO.

SBI Life Insurance Co, HDFC Life Insurance Co, ICICI Prudential Life Insurance Co and ICICI Lombard General Insurance Co are among the insurance companies listed on the Indian stock exchanges.

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