Star Health Insurance IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 17, 2022Let’s have a detailed review of the company and analytics of the Star Health Insurance IPO release date, IPO offer price, subscription, Star Health Insurance Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 870 to Rs 900 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 16 Shares |
| Listing Date | Dec 10, 2021 |
| Offer for Sale | Rs 52491.80 Million |
| Fresh Issue | Rs 20,000 Million |
| IPO Size | Rs 72491.80 Million |
| Tick Size | 1 |
Star Health Insurance IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.
Star Health Insurance IPO – Summary
They continue to be the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in Fiscal 2021, according to CRISIL Research.
In Fiscal 2021, they had a total GWP of ₹93,489.50 million. From being the first standalone health insurance (“SAHI”) company established in India in 2006, they have grown into the largest SAHI company in the overall health insurance market in India, according to CRISIL Research.
Profitability in the retail health insurance segment is also being driven by customer loyalty, which is higher than other health insurance segments
The Promoter of this company is SAFECROP INVESTMENTS INDIA LLP, WESTBRIDGE AIF I AND RAKESH JHUNJHUNWALA. The lead manager to the issue is Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, Ambit Private Limited, DAM Capital Advisors Limited, IIFL Securities Limited, and SBI Capital Markets Limited and the Registrar to this issue is KFin Technologies Private Limited.
Star Health Insurance IPO Date
The opening and the closing date of Star Health Insurance IPO are Nov 30, 2021, and Dec 2, 2021, respectively.
Check out Related IPO Links:
| Star Health Insurance IPO GMP |
| Allotment – Star Health Insurance IPO |
Star Health Insurance IPO Subscription
| Day / Date | QIB | NII | RII | Emp | Total Subscription |
| 1st Day – 30th Nov | 0.00x | 0.01x | 0.64x | 0.03x | 0.12x |
| 2nd Day – 1st Dec | 0.07x | 0.02x | 0.89x | 0.05x | 0.20x |
| 3rd Day – 2nd Dec | 1.03x | 0.19x | 1.10x | 1.10x | 0.79x |
| Shares Offered or Net Issue | 23,830,602 | 11,915,300 | 7,943,533 | 1,219,512 | 44,908,947 |
The shares subscribed by the public will be updated here.
Check Star Health Insurance IPO LIVE Subscription
- Star Health Insurance IPO LIVE Bid details on BSE
- Star Health Insurance IPO LIVE Bid details on NSE
For the Latest Bid details click on the above links.
Star Health Insurance IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Star Health Insurance Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | Dec 7, 2021 |
| Refunds Initiation | Dec 8, 2021 |
| The credit of Shares to Demat Account | Dec 9, 2021 |
| Share Listing Date | Dec 10, 2021 |
Star Health Insurance IPO Price Band
The face value of each share is Rs.10, but the price band of the IPO is Rs.870 to Rs 900
Star Health Insurance IPO Equity Size
This Initial Public Issue of X Equity Shares of Rs.10 each for cash at a price of Rs 870 to Rs 900 per equity share aggregating to Rs.72491.80 Million.
Star Health Insurance IPO Share Offering
Fresh Issue: The Issue (excluding the Market Maker Reservation Portion) of [●] Equity Shares of Rs.10/ each.
Issue Size: X Equity Shares of Rs.10 each, aggregating to Rs.72491.80 Million
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Star Health Insurance IPO – Live Performance
The listing date of this IPO is Dec 10, 2021. You can check the live performance of the IPO here, only after it is listed on exchanges.
| Live IPO Performance – Star Health Insurance Share Price |
Star Health Insurance IPO Grey Market Premium
The Star Health Insurance Limited IPO Grey Market Premium price is NA, the Kostak rate is NA and the Subject to Sauda is NA.
Star Health Insurance IPO – Company Overview
They have led the non-public health insurance market in terms of a number of new branch openings since Fiscal 2018, and their branch network was over three times the number of the next largest non-public health insurance provider as of December 31, 2020, according to CRISIL Research.
As of March 31, 2021, their distribution network had grown to 737 health insurance branches spread across 26 states and 4 union territories in India.
Their existing branches are also supplemented by an extensive network of over 750 Sales Managers Stations (“SMS”), which are small individual service centers, and over 7,000 in-house sales managers, as of March 31, 2021. Their other origination channels include distribution by direct online sales through telemarketing and their website, brokers, insurance marketing firms, and web aggregators.
They offer a range of flexible and comprehensive coverage options primarily for retail health, group health, personal accident, and overseas travel,
Star Health Insurance IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | |||||
| 30-Sep-21 | 30-Sep-20 | Mar-21 | 31-Mar-20 | Mar-19 | |
| Total Assets | 49,749.42 | 21,008.88 | 44,665.72 | 18,967.69 | 16,426.35 |
| *Total Revenue | (4,946.80) | 3,343.05 | (9,077.76) | 4,619.61 | 2,262.54 |
| Total Expense | 179.54 | 177.34 | 1,381.74 | 485.36 | 440.07 |
| Profit After Tax | (3,802.69) | 1,992.87 | (8,255.81) | 2,680.02 | 1,282.26 |
Earnings per Equity Share (in Million)
| 30-Sep-21 | 30-Sep-20 | Mar-21 | 31-Mar-20 | Mar-19 | |
| Basic | (6.93) | 4.06 | (16.54) | 5.59 | 2.81 |
| Diluted |
(6.93) | 3.94 | (16.54) | 5.48 | 2.78 |
Further, their PAT for the period ended on March 31, 2021, March 31, 2020, and March 31, 2019, were Rs. (8,255.81) Million, Rs. 2,680.02 Million and Rs. 1,282.26 Million respectively.
Star Health Insurance IPO – Promoters
The Promoter of this company is:
- SAFECROP INVESTMENTS INDIA LLP
- WESTBRIDGE AIF I
- RAKESH JHUNJHUNWALA
List of Related Parties (Key Managerial Personnel)
- Venkatasamy Jagannathan, Chairman and CEO
- Subbarayan Prakash, Managing Director
- Anand Shankar Roy, Managing Director
- Sumir Chadha, Non-Executive Nominee Director
- Deepak Ramineedi, Non-Executive Nominee Director(
- Utpal Hemendra Sheth, Non-Executive Nominee Director
Star Health Insurance IPO – Promoters Holding
- Pre Issue Share Holding – 66.22%
- Pos Issue Share Holding – 58.42%
Star Health IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to X Equity Shares aggregating up to Rs.72491.80 Million |
| of which: | |
| Issue Reserved for the Market Makers | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Net Issue to the Public | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Of which: | |
| Retail Investors Portion | Not less than [●] Equity Shares |
| Other than Retail Individual Investors | Not more than [●] Equity Shares |
| Equity Shares outstanding prior to the Issue | 548,679,767 Equity Shares |
| Equity Shares outstanding after the Issue | X Equity Shares |
Star Health Insurance IPO Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
- To undertake their existing business activities;
- To undertake the activities proposed to be funded from the Net Proceeds.
Star Health Insurance – Business Strategy
- Continue to leverage and enhance market leadership in the attractive retail health insurance segment.
- Continue to enhance existing distribution channels and develop alternative channels.
- The continue product innovation and provide value-added services.
- Utilize the digitization of their business to improve operational efficiencies and customer service.
- Drive profitability by leveraging scale and further improving financial performance.
- Respond to the challenges posed by the COVID-19 Pandemic and adapt to the post-COVID-19 environment.
Star Health IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Largest private health insurance company in India with leadership in the attractive retail health segment;
- One of the largest and well-spread distribution networks in the health insurance industry and integrated ecosystem;
- Diversified product suite with a focus on innovative and specialized products;
- Strong risk management focus with domain expertise driving a superior claims ratio and quality customer service;
- Substantial investment in technology and innovative business processes; and
- Demonstrated superior operating and financial performance
The relevant quantitative factors are:
| Basic EPS | Diluted EPS |
RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | (16.54) | (16.54) | (23.69%) | 63.58 |
| 31-Mar-20 | 5.59 | 5.48 | 16.46% | – |
| Mar-19 | 2.81 | 2.78 | 10.55% | – |
Star Health IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS Basic (Rs.) | EPS Diluted (Rs.) | Return on Net Worth (%) | Total Income (Rs. in Millions) | |
| Star Health and Allied Insurance Company Limited |
10 | [●] | (16.54) | (16.54) | (23.69%) | (8,255.81) |
| Listed Peers | ||||||
| ICICI Lombard General Insurance Company Ltd |
10 | 47.78 | 32.41 | 32.27 | 19.81% | 14,730.50 |
| New India Assurance Company Limited |
5 | 15.93 | 9.95 | 9.95 | 8.81% | 16,277.50 |
Star Health Insurance IPO Lead Managers
| Lead Managers |
|
Kotak Mahindra Capital Company Limited Axis Capital Limited BofA Securities India Limited Citigroup Global Markets India Private Limited CLSA India Private Limited Ambit Private Limited DAM Capital Advisors Limited IIFL Securities Limited SBI Capital Markets Limited |
Star Health Insurance IPO Registrar to offer
| Registrar to the Offer |
| KFin Technologies Private Limited Selenium, Tower B, Plot No- 31 and 32 Financial District, Nanakramguda, Serilingampally, Hyderabad Rangareedi 500 032 Telangana, India Tel: +91 40 6716 2222/ 180034 54001 E-mail: starhealth.ipo@kfintech.com Investor grievance e-mail: einward.ris@kfintech.com Website: www.kfintech.com Contact Person: M Murali Krishna SEBI Registration No.: INR000000221 |
Star Health IPO – Other Details
- Statutory Auditor – M/s Brahmayya & Co., Chartered Accountants and M/S. V Sankar Aiyar & Co, Chartered Accountants,
- Legal Counsel to the Company – Cyril Amarchand Mangaldas
- Bankers to the Company – AU Small Finance Bank Limited, Bank of India, Canara Bank, HDFC Bank Ltd., IDFC First Bank Ltd., Indian Bank, Punjab National Bank, State Bank of India, The Karur Vysya Bank, and UCO Bank
Star Health Insurance IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Star Health Insurance Limited IPO News
News 1 – IPO DRHP Download
News 2 – IPO RHP Prospectus Download
Star Health IPO Review FAQs
Ques – What is the Issue Size of Star Health Insurance IPO?
Answer – The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
Ques – What is the Price band of Star Health Insurance IPO?
Answer – The price band for this particular IPO ranges between Rs 870 to Rs 900. As far as the face value of the share is of concern, it is Rs.10 per share.
Ques – What is the Star Health Insurance IPO Open Date?
Answer – The opening and closing dates for this IPO have been updated. The IPO is set to open on Nov 30, 2021, while the closing date is set at Dec 2, 2021.
Ques – What is the Star Health IPO Allotment Date?
Answer – They also have the news regarding the respective allotment dates of this IPO. Basis of Allotment finalization is on Dec 7, 2021, refund initiation is on Dec 8, 2021, credit of shares is on Dec 9, 2021, and share listing date is on Dec 10, 2021.
Ques – What is the Star Health Insurance IPO Listing Date?
Answer – Shares of this company shall be listed in the exchanges on Dec 10, 2021. The date, when the listing would be done, is stagnant on Dec 10, 2021.
Ques – Who is the Registrar of Star Health Insurance?
Answer – One of the reputed registrars is managing the issue of this IPO, i.e. KFin Technologies Private Limited. Their website will help you regarding the further information you are on the lookout for.
Ques – Who is the Promoter of Star Health Insurance IPO?
Answer – Here are the promoters of this IPO – SAFECROP INVESTMENTS INDIA LLP, WESTBRIDGE AIF I, AND RAKESH JHUNJHUNWALA. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
Ques – What is the GMP of Star Health Insurance IPO?
Answer – They have obtained the GMP of this IPO and it is NA. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Ques – Is Star Health Insurance IPO good for Investment?
Answer – They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
Ques – What is the PAT of Star Health Insurance Company?
Answer – They have the information of company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2021 in Million is (8,255.81), 2020 is 2,680.02, 2019 is 1,282.26.
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