Star Health and Allied Insurance Company IPO
Star Health and Allied Insurance Company IPO — date, price band, lot size & details 2021
Star Health and Allied Insurance Company listed on 10 Dec 2021 at ₹845, 6.1% below the ₹900 issue price.
Star Health and Allied Insurance is the largest private health insurer in India, with a 15.8% share of the health insurance market in Fiscal 2021.
Stock price
Star Health and Allied Insurance Company is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 30 Nov 2021
- Close 02 Dec 2021
- Allotment 07 Dec 2021
- Refund/credit 08 Dec 2021
- Listing 10 Dec 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 30 Nov to 2 Dec, 2021 |
|---|---|
| Price Band | ₹870 – ₹900 |
| Face Value | ₹10 |
| Lot Size | 16 Shares |
| Issue Size | ₹6018.68 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 80.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 16 shares at the ₹900 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 16 | ₹14,400 |
| Retail (max) | 13 | 208 | ₹1,87,200 |
| S-HNI (min) | 14 | 224 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,104 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,120 | ₹10,08,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It was the largest private health insurer in India, with 15.8% market share in Fiscal 2021.
- 02Retail health, its focus, gave 89.3% of health GWP in Fiscal 2021.
- 03Its hospital network covered more than 11,778 hospitals, with 779 branches.
- 04Rs 2,000.66 crore of fresh capital was raised to support growth and solvency.
- 05Profit after tax rose from Rs 128.23 crore in FY2019 to Rs 268.00 crore in FY2020 before the pandemic.
Risks · 6
- 01The company made a loss of Rs 825.58 crore in FY2021 and Rs 380.27 crore in the six months to 30 September 2021, as COVID-19 claims rose.
- 02The source shows a negative P/E, with pre-issue EPS of minus Rs 14.92.
- 03Rs 4,018.03 crore of the Rs 6,018.68 crore issue was offer for sale, so most of the money went to selling shareholders.
- 04Total borrowing rose from Rs 250.00 crore on 31 March 2021 to Rs 650.00 crore on 30 September 2021.
- 05Health insurance claims can spike with disease outbreaks, and the business relies on agents for most sales across 779 branches.
- 06Promoters and the promoter group held 66.22% before the issue and 58.42% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Star Health and Allied Insurance Company offer document.
| Metric | 30 Sep 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 10,762.21 | 10,500.99 | 6,126.73 | 4,872.46 |
| Profit After Tax | -380.27 | -825.58 | 268.00 | 128.23 |
| NET Worth | 3,199.41 | 3,484.64 | 1,628.68 | 1.22 |
| Reserves and Surplus | 3,765.17 | 3,675.79 | 1,153.04 | 587.06 |
| Total Borrowing | 650.00 | 250.00 | 250.00 | 250.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Star Health and Allied Insurance Company RHP.
Where the money goes
₹1,961.43 Cr of the issue is earmarked to named objects.
About the company
In Fiscal 2021 it had total gross written premium of Rs 93,489.50 million and insured 20.5 million lives. Retail health gave 89.3% of health GWP and group health 10.7%.
It sells mainly through individual agents, plus corporate agent banks and other corporate agents. It had 779 health insurance branches across 25 states and 5 union territories, and a network of more than 11,778 hospitals.
The IPO was Rs 6,018.68 crore, with Rs 2,000.66 crore of fresh issue and Rs 4,018.03 crore of offer for sale. The fresh money was meant to strengthen the capital base. The promoters are Safecrop Investments India LLP, Rakesh Jhunjhunwala and WestBridge AIF I.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Star Health and Allied Insurance Company IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
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Dam Capital Advisors Ltd
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Citigroup Global Markets India Pvt. Ltd
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CLSA India Pvt. Ltd
3 issues handledBest listing: Devyani International (+56.6%). Weakest: Fino Payments Bank (-5.7%).
Credit Suisse Securities (India) Pvt. Ltd
6 issues handledBest listing: Zomato (+52.6%). Weakest: Chemplast Sanmar (+1.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Star Health and Allied Insurance Company?
The current Grey Market Premium is ₹80, or 9% over the issue price.
What is the Star Health and Allied Insurance Company IPO price band?
₹870 to ₹900, on a face value of ₹10.
When is the allotment?
The basis of allotment is 7 December 2021, with listing on 10 December 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
