Star Health and Allied Insurance Co Ltd, the health insurer backed by billionaire Rakesh Jhunjhunwala and Westbridge Capital, raised around ₹1,200 crore in a pre-IPO funding round led by Singapore’s state investor GIC, two people aware of the development said.
Rakesh Jhunjhunwala-backed Star Health Insurance to join IPO frenzy; firm valued in excess of $3 billion
COVID-19 has triggered a surge in sales of health insurance policies. Kotak Mahindra Capital, Citi, Axis Capital, ICICI Securities and BofA Securities are the investment banks engaged by the firm for the IPO. January 20, 2021 / 08:28 AM IST
India’s first and largest private standalone health insurance provider, Chennai-based Star Health Insurance, which is backed by ace investor Rakesh Jhunjhunwala and private equity firms Westbridge Capital and Madison Capital, is planning a D-street debut in 2021, sources with knowledge of the matter told Moneycontrol.
The IPO plans of the firm come on the back of a spectacular surge in the demand for health insurance policies and increased penetration post the outbreak of the COVID-19 pandemic.