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.