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Home Business A Jhunjhunwala bet that's up 5x in 2.5 years

A Jhunjhunwala bet that’s up 5x in 2.5 years

Mumbai: Billionaire buyers Rekha and Rakesh Jhunjhunwala’s funding in IPO-bound Star Health and Allied Insurance jumped virtually fivefold in two-and-a-half years to ₹8,500 crore, primarily based on the higher finish of the value band.

Star Health is ready to turn out to be the second-biggest inventory in their portfolio of listed firms after Titan, with practically 25% of the portfolio worth as soon as listed.

The Jhunjhunwalas invested ₹1,480 crore in the insurance coverage agency in 9 transactions since March 2019 at a median worth of ₹156.28 a share, in accordance with its IPO prospectus.

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Rakesh Jhujhunwala owns a 4.87% stake in Titan, price ₹10,288 crore primarily based on Wednesday’s market worth.

The ₹7,250 crore preliminary public providing of Star Health will open for subscription on November 30 at a worth band of ₹870-900 per share. The IPO would be the third largest in 2021, after Paytm and Zomato raised ₹18,300 crore and ₹9,375 crore, respectively.

Bids will be made for no less than 16 shares and multiples of 16 thereafter. Some of the sellers in the provide are Safecrop Investments, Konark Trust, MMPL Trust, Apis Growth 6, Mio IV Star, University of Notre Dame Du Lac and ROC Capital. The Jhunjhunwalas should not promoting any stake in the IPO.

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Wednesday, December 1, 2021

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