, India

India's Star Health raises $164m in pre-IPO funding

Singapore's GIC led the funding, investing $182m (INR6b).

Indian health insurer Star Health and Allied Insurance has raised $164m (INR12b) in a pre-IPO funding spearheaded by Singapore sovereign wealth fund GIC, according to media reports.

GIC injected $82m (INR6b) whilst US-based Capital Group invested around $41.1m (INR3b).

The IPO is projected to be around $273.8m (INR20b) to $410.7b (INR30b) in size, the reports said, quoting sources. Star Health has reportedly looped in 10 to 12 investment banks for the IPO.

The proposed IPO will make Star Health the fourth private sector insurance provider to list on the Indian stock exchanges, after HDFC Life Insurance, ICICI Prudential Life Insurance and ICICI Lombard General Insurance.

Star Health posted a 36.7% growth in its gross premiums in FY2021, higher than the 27.1% growth rate it reported in FY2020, with its insolvency ratio jumping to 2.22 in FY2021.

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

APAC emerges as leader in renewables insurance
RE is projected to account for 45% of global electricity generation by 2030.
Insurance
IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold
The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold. 
Insurance