Star Health Insurance May Also Launch IPO:
Star Health & Allied Insurance, the country’s first standalone health insurer, may also become the first health insurer to list its shares. It is considering selling shares to the public through IPO. “Since getting buyers for multiple holders’ stake is becoming tough, the company is exploring an initial public offering,” said one of the people.
An insurer has to complete 10 years to be allowed to list, making Star the only one in its category to be eligible.
Star Health, founded in 2006, is a joint venture between ICICI Ventures, Sequoia Capital, Tata Capital Growth Fund, Oman Insurance Company and others. The insurer, with a capital base of Rs 1,050 crore, deals in personal accidents, mediclaim and overseas travel insurance.
Star has been attracting investors, helped by strong growth in business, as Indians rush to buy insurance policies with health expenditure going through the roof. Last year, Apis Partners and ICICI Ventures together acquired a 15 per cent stake in Star Health for Rs 320 crore, valuing the company at more than Rs 2,100 crore.
Indian shareholders owned 63.76 per cent of the insurer as of last September, with foreign investors holding the rest. The company is finding it difficult to meet capital requirements, as it is growing at over 40 per cent year-on-year. Its gross written premium income expanded 47.58 per cent on a yearon-year basis to Rs 2,962 crore at the end of March 31, 2017. It has a market share of 2.33 per cent in the general insurance industry, more than the combined market share of the four other standalone health insurance companies.
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While Salasar Techno Engineering Ltd IPO (STEL IPO) lists at over 150% gain on first day itself.
Security and Intelligence Services Ltd IPO (SIS IPO) bidding is closed. Now Security and Intelligence Services IPO Allotment and Listing is in process.
Cochin Shipyard IPO Grey Market Premium (GMP) is trading at Rs 182 – Rs 184 per equity share. While Security and Intelligence Services IPO Grey Market Premium is trading at Rs 74 – Rs 76 per equity share.
Some SME IPO will also be active in market in coming week.
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