Billionaire investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together own a 17.26 per cent stake in Star Health NEW DELHI: Big Bull Rakesh Jhunjhunwala , who holds roughly 8.23 crore shares, or 14.98 per cent stake, in Star Health and Allied Insurance Company, is likely to see his investment grow nearly six times as the largest private health insurer in India set Rs 870-900 per share as the price band for its forthcoming Rs 7,249-crore initial public offering (IPO).
Data suggest Jhunjhunwala bought the insurer’s shares between March 2019 and November 2021 in nine transactions at an average of Rs 155.28 a share. This implies the value of Jhunjhunwala’s investment in the insurance company grew 5.79 times since he started investing in it 32 months ago. He bought 9,324,087 Star Health shares in the last one year at an average of Rs 256.44 per share, data show. His wife Rekha Rakesh Jhunjhunwala holds 17,870,977 shares, a 3.23 per cent stake, in the insurance company.
Star Health and Allied Insurance Company would have the third-largest IPO in 2021, after Paytm and Zomato, which raised Rs 18,300 crore and Rs 9,375 crore, respectively. The offer opens for subscription on November 30 and closes on December 2. The issue comprises a fresh issue of up to Rs 2,000 crore and an offer for sale of up to 58,324,225 shares.The quota for QIB is reserved at 75 per cent, NII at 15 per cent and retail investors at 10 per cent. The upper price band values the country’s largest private health insurer at Rs 51,000 crore, or $7 billion.
The net proceeds of the share sale would be deployed towards augmentation of the company’s capital base. The sellers in the offer for sale include the three promoters: Safecrop Investments, Konark Trust and MMPL Trust. Among the non-promoters, Apis Growth, University of Notre Dame and MIO Star will also cut their stakes.
Currently, promoters own 62.80 per cent of the company, while public shareholders own the rest. Safecrop Investments India holds 45.32 per cent, while billionaire investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together own a 17.26 per cent stake.
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source Rakesh Jhunjhunwala set to make 6x on Star Health investment as company goes ahead with IPO
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