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Star Health and Allied Insurance Co Ltd's initial public offering (IPO) 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 finalization of basis of share allotment of Star Health IPO is expected to take place tomorrow, December 7, 2021 and if allotted, then the credit of shares to demat account of bidders will be done on December 9, 2021. The registrar for this IPO is KFintech Private Limited, therefore the allotment application can be checked on its website here or on the BSE website here.

As per market observers, Star Health shares have slipped further to 60 discount in the grey market today. The company plans to list on leading stock exchanges BSE and NSE next Friday on December 10.

Reports suggest that Star Health will cut the offer for sale portion of its IPO after the offering received a tepid response. The company managed to raise 6,410 crore, against its original target of 7,249 crore.

The IPO comprised fresh issue of equity shares worth 2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders. The company on Monday said it has raised a little over 3,217 crore from anchor investors ahead of its IPO.

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.

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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