Star Health and Allied Insurance Company shares listed on the stock exchanges today at a discount to IPO price. The stocks began trading at Rs 848 per share, down Rs 51.2 apiece or 5.69% from the issue price of Rs 900 per equity share. The weak listing was on expected lines after the IPO failed to attract interest from investors during its three-day initial share sale earlier this month. Star Health is backed by ace investor Rakesh Jhunjhunwala who owns a 14.98% stake in the private insurance company. On listing, Star Health and Allied Insurance Company had a market capitalization of Rs 48,850 crore.
Equity indices opened flat on Friday with Sensex down by 18.08 points and Nifty up by 1.00 points. The 30-scrip BSE Sensex was down by 18.08 points or 0.03 per cent at 58789.05 at 9.30 am.
Similarly, 50-scrip NSE Nifty was trading at 17517.80 at 9.30 am, up by 1.00 points or 0.01 per cent. On the Sensex, the sectors which are trading high are consumer discretionary goods and services and auto sector, while the energy sector is trading low.
Shares of Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company will list on the stock exchanges today. The IPO of the private insurance company saw a weak response with subscription tally reaching only 0.79 times.
The issue size of the public issue was trimmed post IPO to Rs 6,400 crore from nearly Rs 7,200 crore. Further, the IPO market will continue to attract investors with IPOs of Shriram Properties, C.E Info Systems, and Metro Brand open for subscription. Shriram Properties will enter the final day of bidding while it is the second day to subscribe to C.E Info Systems. Metro Brands issue will open today.
