This would be the third-largest IPO in 2021 after Paytm and Zomato, which raised Rs 18,300 crore and Rs 9,375 crore, respectively.
The IPO would open for subscription on November 30 and will close on December 2.
The issue would comprise of a fresh issue of up to Rs 2000 crore and an offer for sale (OFS) of up to 58,324,225 shares. The quota for QIB is reserved at 75 per cent, NII at 15 per cent and retail at 10 per cent.
The upper price band would value the country’s largest private health insurer at around Rs 51,000 crore, or $7 billion.
The net proceeds are proposed to be deployed towards the augmentation of the company’s capital base. The sellers in the offer for sale include the three promoters, Safecrop Investments, Konark Trust, and MMPL Trust. Among non-promoters, Apis Growth, University of Notre Dame and MIO Star, and others will cut their stakes.
Currently, promoters own 62.80 per cent of the company, while public shareholders own the rest.
Safecrop Investments India holds 45.32 per cent in the company, while billionaire investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together own a 17.26 per cent stake.
