IPOs next week: Two IPOs worth together near ₹7,868 crore are going to open next week. The two public issues we are talking are of Star Health Insurance and Tega Industries. Star Health and Allied Insurance Company is Rakesh Jhunjhunwala-backed company in which Big Bull and his wife Rekha Jhunjhunwala together hold 17.26 per cent share. Star Health Insurance IPO is going to open on 30th November 2021 where as Tega Industries IPO will become open for bidding on 1st December 2021.
Here we list out important details in regard to the upcoming IPOs this week:
Star Health Insurance IPO: The public issue worth ₹7,249.18 crore will open for subscription on 30th November 2021 and it will remain open for bidding till 2nd December 2021. Price band of the public issue has been fixed at ₹870 to ₹900 per equity share and ₹80 discount is on offer for the company employees applying to its public offer. A bidder will be able to apply in lots and one lot will comprise 16 company shares. Shares of the company will be listed at both NSE and BSE and the likely date for Star Health Insurance IPO listing is 10th December 2021.
Star Health and Allied Insurance Company is Rakesh Jhunjhunwala-backed company as Big Bull and his wife Rekha Jhunjhunwala have shareholding in this company. As per the Red Herring Prospectus (RHP) of the public issue, Rakesh Jhunjhunwala owns 14 per cent company stake whereas his wife Rekha Jhunjhunwala owns 3.26 per cent stake in the company.
Tega Industries IPO: The public offer worth ₹619.23 crore is opening for subscription on 1st December 2021 and it will remain open for subscription till 3rd December 2021. The price band of the public issue has been fixed at ₹443 to ₹453 per equity share and it is 100 per cent OFS (Offer for Sale) in nature. A bidder will be able to apply for the public offer in lots and one lot will comprise 33 company shares. Shares of Tega Industries will be listed on both NSE and BSE and likely share listing date of the public issue is 13th December 2021.
Should you subscribe?
On whether one should subscribe to these IPOs; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The bidders are advised to keep a watch on the markets as new Covid variant has hit Indian and other global markets severely. If the Nifty goes down below 17,000 then there could be further selloff taking place in the market and in that case these public issues will have to get opened in a bear-hit market.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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