Star Health IPO fails to attract investor Interest, Anand Rathi and Tega Industries make merry

Chennai,  December 04, 2021: The initial public offering of Tega Industries Limited and Anand Rathi Wealth Limited was subscribed 13.87 times and 1.60 times respectively amid strong retail investor interest in the issue, On the other hand, Star Health and Allied Insurance’s IPO was subscribed just 79% on the third day of bidding, according to market sources, the weak demand can be attributed to as investors are waiting to invest in the LIC IPO to hit the market.

The public offer of Tega Industries received bids for 13,26,78,876 shares against the offered 95,68,636 equity shares on Day 2, as per the 5:00 pm data available on the bourses.

Retail investors had put in bid 17.04 times the shares reserved for them, while the part set aside for non-institutional investors was subscribed 20.48 times. Qualified institutional buyers portion was subscribed 3.35 times.

The primary offering is entirely an offer for sale (OFS) shares with a face value of Rs 10 each, in which its existing shareholders and promoters are offloading 1,36,69,478 equity shares in the range of Rs 443-453 each.

Promoters Madan Mohan Mohanka and Manish Mohanka will sell 33,14,657 equity shares and 6,62,931 equity shares, respectively. Investor Wagner would offload 96,91,890 equity shares through offer for sale (OFS).

Axis Capital Limited and JM Financial Limited are the Book Running Lead Managers (“BRLM”) to the offer.

The public offer of Anand Rathi Wealth received bids for 1,36,00,818 shares against the offered 84,75,000 equity shares on day 1, as per the 5:00 pm data available on the bourses.

Retail investors had put in bid 2.45 times the shares reserved for them, while the part set aside for non-institutional investors was subscribed 1.93 times. Qualified institutional buyers portion was subscribed 0.01 times and the employee portion was subscribed 0.42 times.

The primary offering is entirely an offer for sale (OFS) shares with a face value of Rs 10 each, in which its existing shareholders and promoters are offloading 1,20,00,000 equity shares in the range of Rs 530 – 550 each.

The offer for sale includes up to 9,285,000 equity shares by Anand Rathi Financial Services Limited, up to 375,000 equity shares by Anand Rathi and up to 375,000 equity shares by Pradeep Gupta (Together with the “Promoter Selling Shareholders“) and up to 375,000 equity shares by Amit Rathi, up to 375,000 equity shares by Priti Gupta, up to 375,000 equity shares by Supriya Rathi, up to 375,000 equity shares by Rawal Family Trust, up to 90,000 equity shares by Jugal Mantri, and up to 375000 equity shres by Feroze Azeez (Together with other selling shareholders).

On Wednesday, Anand Rathi Wealth raised Rs 194 crore from 12 anchor investors, who were allotted 35,25,000 equity shares at the upper price band of Rs 550 per share.

SBI Mutual Fund, ICICI Pru Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Invesco Mutual Fund, Canara Robeco Mutual Fund, Nippon Mutual Fund, Abakkus,  Quant Mutual Fund, MK Cohesion, Rajasthan Global are among the investors that participated in the anchor book.

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited and Anand Rathi Advisors Limited are the book running lead managers to the Offer.

The public offer of Star Health and Allied Insurance Company Limited received bids for 3,55,90,432 shares against the offered 4,49,08,947 equity shares on the final day , as per the 5:00 pm data available on the bourses.

Retail investors had put in bid 1.10 times the shares reserved for them, while the part set aside for non-institutional investors was subscribed 0.19 times. Qualified institutional buyers portion was subscribed 1.03 times.

 Corporate Comm India (CCI Newswire)