MUMBAI : Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Co. Ltd has cut its offer for sale (OFS) size to ₹4,400 crore from ₹5,249.18 crore after its initial public offering got a weak response.
The fresh issue size has been kept unchanged. Last week, retail investors placed bids for only 1.08 times the shares reserved for them.
Non-institutional investors bid for 0.18 times of their quota while institutional investors subscribed 1.03 times. The total IPO size will now be Rs6,400 crore instead of Rs7,249 crore.
The health insurer’s IPO will now consist of a fresh issue of Rs2,000 crore and an OFS of up to 48.89 million shares instead of 58.32 million shares planned earlier by its existing promoters and shareholders.