India's Star Health launches IPO

The IPO aims to raise as much as $268.3m.

India’s Star Health and Allied Insurance Company has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India to launch an initial public offering. 

India’s biggest private health insurer is aiming to raise as much as $268.3m (INR20b).

The company will sell as much as 60.1 million shares through an offer-for-sale. The shares will come from promoters and existing shareholders of the company. 

Amongst those who will offload their shares will be Safecrop Investments India, Konark Trust, and MMPL Trust. However, Indian business magnate, Rakesh Jhunjhunwala, will not be selling his shares.

Star Health was established in 2006. Health insurance policies were mainly distributed by individual agents which accounted for 78.9% of the gross written premium in financial year-ended 31 March 2021.