Star Health and Allied Insurance Co is aiming for a valuation of about $7 billion in its initial public offering, a banking source told Reuters on Wednesday.
Backed by ace Indian investor billionaire Rakesh Jhunjhunwala, it is looking to raise 72.49 billion rupees ($974.23 million) and has set a price band between 870 rupees and 900 rupees per share, according to a document from a bookrunner.
The offer will open for subscription on Nov. 30 and comes as several firms, including prominent startups, go public to cash in on booming Indian stock market amid massive liquidity and increased retail investor participation.