India's Star Health trades flat in debut after tepid IPO
Information about India's Star Health trades flat in debut after tepid IPO
Kevin David Scam or Legit
By Shivani Singh
BENGALURU (Reuters) -India’s Star Health and Allied Insurance Co, backed by billionaire stock investor Rakesh Jhunjhunwala, see-sawed in a weak debut on Friday, after failing to attract investor interest in a blockbuster year for domestic listings.
Shares of the country’s largest private health insurer were down 6% in pre-open trade before reversing course to gain 4.4%. At 0635 GMT, shares were trading flat at 901.40 rupees.
At the day’s high of 940 rupees, the Chennai-based company was valued at 66.86 billion rupees ($883.69 million).
Star Health, which offers coverage options for retail health, group health, and overseas travel insurance, witnessed a subdued response to its listing subscription last week and had cut the size of its initial public offering (IPO) to 64 billion rupees from 72.49 billion rupees.