Star Health raises Rs. 3,217 crores from 62 anchor investors

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Star Health and Allied Insurance Company Limited, the largest private health insurance company and the largest retail health insurance company in India by health GWP, with a 15.8% overall health insurance market share and a 31.3% retail health insurance market share in fiscal 2021, according to CRISIL Research has allocated Rs. 3,217 crores ahead of the company’s proposed IPO at the upper band of Rs. 900 per share (including share premium of Rs. 890 per Equity Share) with face value of Rs. 10 per equity share.

Monetary Authority of Singapore, Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale are among the anchor investors. In addition, SBI Life Insurance Company, HDFC Life Insurance Company and Edelweiss Mutual Fund have been allocated shares.

The initial public offering (IPO) comprises 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. Those offering shares through the offer for sale are promoter and promoter group — Safecrop Investments India LLP, Konark Trust, MMPL Trust — and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The public offer includes a reservation of shares worth ₹100 crore for employees. The issue, with a price band of ₹870-900 a share will open for public subscription between November 30 and December 2.

The anchor allocation as follows:

S. No.	Name of Anchor Investor	No. of Equity Shares allocated	% of Anchor Investor Portion	Bid Price Rs. per Equity Share	Total Amount Allocated (Rs.)
1	MONETARY AUTHORITY OF SINGAPORE	24,64,336	6.89%	900	2,21,79,02,400.00
2	GOVERNMENT OF SINGAPORE	3,11,888	0.87%	900	28,06,99,200.00
3	THE NEW ECONOMY FUND	24,82,928	6.95%	900	2,23,46,35,200.00
4	BAILLIE GIFFORD PACIFIC FUND A SUB FUND OF BAILLIE GIFFORD OVERSEAS GROWTH FUNDS ICVC	27,76,208	7.77%	900	2,49,85,87,200.00
5	WF ASIAN SMALLER COMPANIES FUND LIMITED	27,30,992	7.64%	900	2,45,78,92,800.00
6	VALIANT MAURITIUS PARTNERS OFFSHORE LIMITED	11,58,704	3.24%	900	1,04,28,33,600.00
7	VALIANT INDIA OPPORTUNITIES LTD	8,27,648	2.32%	900	74,48,83,200.00
8	VALIANT MAURITIUS PARTNERS LIMITED	4,96,576	1.39%	900	44,69,18,400.00
9	UNIVERSITIES SUPERANNUATION SCHEME LIMITED (USSL) AS TRUSTEE OF UNIVERSITIES SUPERANNUATION SCHEME A/C	12,40,320	3.47%	900	1,11,62,88,000.00
10	ABU DHABI INVESTMENT AUTHORITY – BEHAVE	7,75,200	2.17%	900	69,76,80,000.00
11	THORNBURG DEVELOPING WORLD FUND	5,78,816	1.62%	900	52,09,34,400.00
12	DESJARDINS EMERGING MARKETS FUND	6,31,408	1.77%	900	56,82,67,200.00
13	LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO	1,78,896	0.50%	900	16,10,06,400.00
14	ABU DHABI INVESTMENT AUTHORITY – MERLION	4,65,120	1.30%	900	41,86,08,000.00
15	AL MEHWAR COMMERCIAL INVESTMENTS L.L.C. – (WHITING)	2,03,408	0.57%	900	18,30,67,200.00
16	ASHOKA INDIA OPPORTUNITIES FUND	10,46,016	2.93%	900	94,14,14,400.00
17	ABU DHABI INVESTMENT AUTHORITY – WAY	2,59,648	0.73%	900	23,36,83,200.00
18	ASHOKA INDIA EQUITY INVESTMENT TRUST PLC	1,44,704	0.40%	900	13,02,33,600.00
19	ABERDEEN NEW INDIA INVESTMENT TRUST PLC	1,31,680	0.37%	900	11,85,12,000.00
20	THE INDIA FUND, INC.	1,45,520	0.41%	900	13,09,68,000.00
21	ABERDEEN GLOBAL INDIAN EQUITY LIMITED	3,01,616	0.84%	900	27,14,54,400.00
22	MORGAN STANLEY INDIA INVESTMENT FUND, INC.	4,59,872	1.29%	900	41,38,84,800.00
23	MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND	1,18,944	0.33%	900	10,70,49,600.00
24	WCM FOCUSED EMERGING MARKETS FUND	13,85,424	3.88%	900	1,24,68,81,600.00
25	JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND	3,19,760	0.89%	900	28,77,84,000.00
26	NATIXIS INTERNATIONAL FUNDS (LUX) I – WCM GLOBAL EMERGING MARKETS EQUITY FUND	1,11,120	0.31%	900	10,00,08,000.00
27	SEI INSTITUTIONAL INVESTMENTS TRUST – EMERGING MARKETS EQUITY FUND MANAGED BY WCM INVESTMENT MANAGEMENT	1,11,120	0.31%	900	10,00,08,000.00
28	WCM FOCUSED EMERGING MARKETS FUND LP	1,39,792	0.39%	900	12,58,12,800.00
29	JANCHOR PARTNERS PANASIAN MASTER FUND	19,01,840	5.32%	900	1,71,16,56,000.00
30	SBI LIFE INSURANCE COMPANY LTD	8,26,880	2.31%	900	74,41,92,000.00
31	HDFC LIFE INSURANCE COMPANY LTD	8,26,880	2.31%	900	74,41,92,000.00
32	FALCON EDGE GLOBAL MASTER FUND,LP	1,93,312	0.54%	900	17,39,80,800.00
33	MORAINE MASTER FUND LP	5,99,920	1.68%	900	53,99,28,000.00
34	FALCON Q LP	1,11,120	0.31%	900	10,00,08,000.00
35	NVIT EMERGING MARKETS FUND	4,53,664	1.27%	900	40,82,97,600.00
36	MIRAE ASSET INDIA SECTOR LEADER EQUITY FUND	2,89,408	0.81%	900	26,04,67,200.00
37	MIRAE ASSET ASIA SECTOR LEADER EQUITY FUND	2,89,408	0.81%	900	26,04,67,200.00
38	HORNBILL ORCHID INDIA FUND	7,44,221	2.08%	900	66,97,98,900.00
39	MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF01108/02/07LIFEGRWSUP104 – GROWTH SUPER FUND	2,44,448	0.68%	900	22,00,03,200.00
40	MAX LIFE INSURANCE COMPANY LIMITED A/C PARTICIPATING FUND	1,93,408	0.54%	900	17,40,67,200.00
41	MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF00125/06/04LIFEGROWTH104 – GROWTH FUND	1,22,224	0.34%	900	11,00,01,600.00
42	JUPITER INDIA FUND	1,09,808	0.31%	900	9,88,27,200.00
43	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED – SOUTH ASIA ACCESS FUND	55,568	0.16%	900	5,00,11,200.00
44	EDELWEISS TRSUTEESHIP CO LTD.- EDELWEISS MF AC – EDELWEISS RECENTLY LISTED IPO FUND.	1,65,376	0.46%	900	14,88,38,400.00
45	EDELWEISS ALTERNATIVE EQUITY SCHEME	87,904	0.25%	900	7,91,13,600.00
46	IIFL SPECIAL OPPORTUNITIES FUND – SERIES	2,77,776	0.78%	900	24,99,98,400.00
47	THE TIFF KEYSTONE FUND L.P	2,03,952	0.57%	900	18,35,56,800.00
48	CATHOLIC ENDOWMENT FUND L.P.	1,97,344	0.55%	900	17,76,09,600.00
49	TIFF GLOBAL EQUITY FUND L.P.	91,504	0.26%	900	8,23,53,600.00
50	MAKRANA SINGAPORE FUND I PTE LIMITED	57,872	0.16%	900	5,20,84,800.00
51	SAMSUNG INDIA SECURITIES MASTER INVESTMENT TRUST EQUITY	57,872	0.16%	900	5,20,84,800.00
52	BHARTI AXA LIFE INSURANCE COMPANY LTD	1,65,376	0.46%