Shares of promoters for sale in OFS mode have been reduced to 4.89 crore due to the company's IPO not receiving the expected response. Earlier, the company had set a target of selling 5.83 crore shares of promoters.
Star health Insurance is headquartered in Chennai. Rakesh Jhunjhunwala, one of the leading stock market investors in the company, holds more than a 14 per cent stake.
Due to his large stake in the company, the IPO of the company was expected to be well received by investors.
However, the IPO of Star health Insurance, which started on november 30 last month and ended on december 3, has not been very well received by investors.
A total of 4.49 crore shares were issued in this IPO. However, till the last IPO date of december 2, applications were received for a total of 3.54 crore shares. That is, only 79% of the applications were attracted by this IPO.
They had applied for 109% of the shares in the category reserved for retail investors. Applications were received for 103 per cent of the shares allotted to eligible institutional investors and 18 per cent of the shares allotted to non-institutional investors. Applications were received for an 8% stake in the company's employees.
Shares of promoters for sale in OFS mode have now been reduced to 4.89 crore due to the company's IPO not being as well-received as expected.
Prior to this, the company had set a target of selling 5.83 crore shares of promoters in OFS. As a result, its IPO size has been slashed from Rs 7,249 crore to Rs 6,400 crore.
Shares of promoters for sale in OFS mode have now been reduced to 4.89 crore due to the company's IPO not being as well-received as expected.
Prior to this, the company had set a target of selling 5.83 crore shares of promoters in OFS. As a result, its IPO size has been slashed from Rs 7,249 crore to Rs 6,400 crore.
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