Star Health is collaborating with notable banks, namely Citibank, Kotak Mahindra Capital, Credit Suisse and Bank of America.
Star Health and Allied Insurance Co Ltd, backed by Westbridge Capital and Rakesh Jhunjhunwala, raised ₹1,200 crores in a pre-IPO funding round. The investors had amassed over 90% stake in Star Health in 2018. This round however was led by Singapore’s state investor GIC.
Star Health reported a 36.7% progress in its gross premiums in FY21, up from 27.1% progress rate in the earlier fiscal. At the top of FY21, the insurer’s solvency ratio, elevated to 2.22 from 1.88 on the finish of the earlier fiscal year. Regulatory necessities mandate a solvency ratio of 1.5.
Star Health is collaborating with notable banks, namely Citibank, Kotak Mahindra Capital, Credit Suisse and Bank of America. The IPO is speculated to be anywhere between ₹2,000-3,000 crore, with the StarHealth anticipating a valuation of over $3 billion for its market debut.
The investor consortium of Westbridge Capital, Rakesh Jhunjunwala and Madison Capital, had in August 2018 agreed to amass over 90% stake in Star Health from present traders, and personal fairness funds managed by Tata Capital, ICICI Venture, and Apis Partners. The consortium of owners and investors has acquired the insurance platform a valuation of ₹6,000 crores.
Source: Business World