Billionaire investor Rakesh Jhunjhunwala backed Star Health and Allied Insurance Co. Ltd., and its shareholders are seeking to raise almost $1 billion through a public offering. 

The window for the Initial public offering (IPO) subscription will open on November 30, next week, till December 2. 

The price band for its public offering is fixed at ₹870-900 apiece. 

The offer consists of a fresh issue of ₹20,000 million combined with an offer for sale (OFS) of up to 58.32 million shares by its existing promoters and shareholders.

The reserved portion for retail is 10%, while QIB qualifies for 75% of quota and HNI  for 15%. 

At present, Safecrop Investments India LLP owns a 47.77% stake, while Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have 14.98% and 3.23% stake, respectively, in the company. 

Besides, Star Health is backed by an investor consortium including WestBridge AIF I, Konark Trust and MMPL Trust. 

The company will use the proceeds from the issue in the fiscal year 2022 towards increasing its capital base. 

Star Health & Allied Insurance Co Ltd is a Chennai based health insurance company that provides services in health, personal accident and overseas travel insurance. 

With the proposed IPO, Star Health is all set to become the fourth private sector insurance provider to list on Indian bourses, following HDFC Life Insurance Co. Ltd, ICICI Prudential Life Insurance and ICICI Lombard General Insurance. 

The book lead running managers for the issue are Kotak Investment Banking, Axis Capital, Bofa Securities India, Citigroup Global markets India, ICICI Securities, CLSA India Pvt. Ltd, Credit Suisse Securities India, Jefferies India Pvt. Ltd, Ambit Pvt. Ltd, DAM Capital Advisors, IIFL Securities and SBI Capital Markets.

KFin Technologies will act as the registrar for the issue.