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New Delhi, Dec 2 (PTI) The initial public offering (IPO) of Star Health and Allied Insurance Company Ltd received 79 per cent subscription on the final day of the share-sale on Thursday.

Star Health, a leading private health insurer, is owned by a consortium of investors such as Westbridge Capital and Rakesh Jhunjhunwala.

The IPO received bids for 3,56,02,544 shares against 4,49,08,947 shares on offer, translating into 79 per cent subscription, according to data available with the exchanges.

The category for retail individual investors (RIIs) garnered 1.10 times subscription, qualified institutional buyers (QIBs) 1.03 times, while non-institutional investors portion got subscribed 19 per cent.

The QIB portion has been fully subscribed which shows the strong response from anchor investors which reflected in the QIB book getting fully subscribed which amounted to 75 per cent of the overall issue, according to merchant bankers.

Star Health IPO has sailed through as 79 per cent subscription is done (the requirement is 75 per cent), as per rule for such issues where QIB portion is 75 per cent and retail is 10 per cent and in this case, both these categories are fully subscribed, they added.

The company’s initial public offering (IPO) had a fresh issue of up to Rs 2,000 crore and an offer-for-sale of up to 58,324,225 equity shares.

The price range for the offer fixed at Rs 870-900 a share.

On Monday, the company raised a little over Rs 3,217 crore from anchor investors.

SBI Life Insurance Co, HDFC Life Insurance Co, ICICI Prudential Life Insurance Co and ICICI Lombard General Insurance Co are among the insurance companies listed on the stock exchanges.

Kotak Mahindra Capital Co, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India), Jefferies India, Ambit Pvt Ltd, DAM Capital Advisors, IIFL Securities and SBI Capital Markets were the managers to the offer. PTI SUM SUM HRS hrs