The ongoing initial public offering (IPO) rush will continue next week as a Star Health and Allied Insurance Company backed by ace investor Rakesh Junjunwara, with Tega Industries raising a total of more than Rs 7,768 through its first share sale. intend to do something.
The Star Health IPO will start on November 30th and end on December 2nd. Meanwhile, the Tega Industries IPO will start on December 1st and end on December 3rd.
So far, by November, 10 companies have successfully completed their IPOs. So far, in 2021, as many as 51 companies have started IPOs and raised more than 1 rupee, according to data analysis with the exchange.
This year’s funding to date is well above the Rs 26,611 raised by 15 companies through the initial public offering throughout 2020. Such impressive financing by IPOs was last seen in 2017 when the company mobilized Rs 67,147 through 36 IPOs.
Star Health has revised the price range of 870-900 rupees per share of IPO. This includes the issuance of 2,000 chlore worth of new shares and the sale of 5.83 chlore shares (OFS) by multiple shareholders, including the promoter 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 some of their shares through OFS.
The company has allocated 100 rupees worth of shares to its employees. The company aims to raise Rs 7,249.18 from the IPO at a high price range.
Net revenue from issuance will be used to raise the company’s capital base and maintain solvency levels.
Star Health and Allied Insurance Company is one of India’s largest private health insurance companies with a market share of 15.8% in 2021. The company focuses on the retail and group healthcare segments, which account for 89.3% and 10.7%. Total premiums (GWP) for 2021.
Jhunjhunwala and his wife Rekha are the company’s second largest shareholders with an 18.21% stake. Safecrop Investments India LLP is the largest shareholder with a 47.77% stake.
Meanwhile, Tega Industries has fixed the price range of 443-453 rupees per share for the sale of 619 rupees. The IPO of a consumables manufacturer for the mining industry is a purely 1,36,69,478 shares of OFS by promoters and existing shareholders.
Promoters Madan Mohan Mohanka and Manish Mohanka will offload shares of up to Rs 33.14 million and Rs 663,000, respectively. In addition, Wagner, an affiliate of TA Associates, a US-based private equity firm, will offload a stake of Rs 96.92 million through OFS.
Currently, promoters and promoter groups own an 85.17% stake in the company, and Wagner owns a 14.54% stake.
(With PTI input)
The IPO of Tega Industries, a star health backed by Rakesh Junjunwara, will hit the market next week
https://www.businesstoday.in/markets/ipo-corner/story/ipos-of-rakesh-jhunjhunwala-backed-star-health-tega-industries-to-hit-market-next-week-313711-2021-11-28?utm_source=rssfeed The IPO of Tega Industries, a star health backed by Rakesh Junjunwara, will hit the market next week