Star Health and Allied Insurance Company IPO
Star Health and Allied Insurance Company Limited (STARHEALTH) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 10 December 2021.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -3.5% (likely range -12% to +8%), day's high +0.6%, chance of a gain 3%. Actual: -6.1% at the open, +4.4% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | — | — | 1.03x | |
| NII (HNI) total | — | — | 0.19x | |
| Retail | — | — | 1.10x | |
| Employees | — | — | 0.10x | |
| Total | — | — | 0.79x |
Bids on NSE and BSE together, as published by NSE. Shares offered exclude the anchor portion. 19% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Star Health and Allied Insurance Company's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Mishra Dhatu NigamMar 2018 | 1.96x | 0.12x | 0.72x | 1.21x | ₹755 Cr | -3.3% | +1.1% |
| Antony Waste Handling CellDec 2020 | 0.89x | 0.26x | 0.38x | 0.50x | ₹217 Cr | +38.4% | +55.5% |
| Garden Reach Shipbuilders & EngineersOct 2018 | 1.81x | 0.31x | 0.24x | 1.02x | ₹598 Cr | -13.1% | -7.6% |
| Aster DM HealthcareFeb 2018 | 2.10x | 0.55x | 1.18x | 1.31x | ₹1,010 Cr | -3.7% | -1.1% |
| HealthCare Global EnterprisesMar 2016 | 2.36x | 0.43x | 0.83x | 1.56x | ₹650 Cr | -3.6% | -2.8% |
| Bharat DynamicsMar 2018 | 1.50x | 0.50x | 1.41x | 1.30x | ₹1,667 Cr | -13.6% | -5.9% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Axis Capital | 107 | +20.4% | 73% |
| BofA Securities India | 18 | +30.6% | 72% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| ICICI Securities | 109 | +21.3% | 69% |
| CLSA India | 10 | +23.5% | 70% |
| Credit Suisse Securities (India) | 11 | +15.6% | 82% |
| Jefferies India | 26 | +19.5% | 81% |
| Ambit | 13 | +24.3% | 69% |
| DAM Capital Advisors | 37 | +13.6% | 59% |
| IIFL Securities | 94 | +19.3% | 71% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Star Health and Allied Insurance Company IPO price band and lot size? ₹870–900 per share, with a lot of 16 shares, so the smallest retail bid is ₹14,400.
How many times has it been subscribed? 0.79x overall: QIB 1.03x, NII 0.19x, retail 1.10x, employees 0.10x.
How did it list? It opened at ₹845, -6.1% against the issue price of ₹900, and closed its first day +0.8%.
