Star Health share price 6% lower than the IPO issue price; Makes a weak start on the stock market

Star Health’s share price makes a weak start in the market, shares of Star Health and Allied Insurance Company have been listed at Rs 845 on the National Stock Exchange with a 6% discount from its issue price of Rs 900. At the same time, the actions were opened. at Rs 848.80 on the Bombay Stock Exchange followed by a 5.69% discount.

Earlier Thursday, a day before it was listed, the shares were trading at a discount of Rs 70 to Rs 75 per share on the gray market, while the company sold its shares in the price range of Rs 870 to Rs 900 per share. After receiving a poor performance in the market, shares of Star Health at 10:52 a.m. were trading at Rs 901.15 on the National Stock Exchange and Rs 901.55 on the Bombay Stock Exchange. According to market watchers, the answer may be the result of its inexpensive valuations and profitability due to the pandemic followed by Paytm’s low rating recently.

Star Health IPO Details

Star Health began its initial three-day share sale on Tuesday, November 30, and then closed it on Thursday, December 2. Star Health’s IPO came at a time when several Indian companies had already been the subject of public offerings, Nykaa and One97 Communications being the most recent and now preceded by Star Health.

As announced by the company, the price range for Star Health’s IPO was set at Rs 870-900 per share, while the initial sale of the shares was expected to reach Rs 7,249 crore at the high end of the stock market. price range. However, the eighth-largest IPO had managed to make a weakened sail by garnering just 79% subscription.

About Star Health Insurance

Led by Rakesh Jhunjhunwala, Star Health and Allied Insurance Company is India’s first and largest independent health insurance company that released its three-day Initial Public Offering (IPO) on November 30. The company currently has a 15.8% market share in the current fiscal year. Currently, Safecrop Investments India LLP owns 47.77% of the company’s capital, while Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold 14.98% and 3.23% respectively.

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