Star Health IPO: Star Health & Allied Insurance Company Ltd. (Star Health and Allied Insurance Company) shares were listed on the stock market on Friday. However, investors expecting bumper earnings on the listing were disappointed.
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25% of earnings
Star Health and Allied Insurance, a company invested by veteran investor Rakesh Jhunjhunwala, has been given a buy rating by analysts at Emkay Global. For the first time after a few days of listing on the stock market, Star Health has got a buy rating. MK Global expects Star Health shares to rise 25 per cent by March 2023. He has set its target at Rs 1135. Last Friday, Star Health shares closed at ₹907.
Big Bull earned
Veteran investor Rakesh Jhunjhunwala has reaped a profit of about 6 times i.e. Rs 6,500 crore on his investment in the company. The company’s IPO was open between November 30 and December 2 and through this the company raised Rs 6,400 crore.
Sustains despite great profits
Jhunjhunwala did not sell his stake in the company. According to the company’s RHP, Jhunjhunwala has 14.98 percent stake in it. According to the data, Jhunjhunwala bought shares in the company in 9 installments between March 2019 and November 2021 at an average price of Rs 155.28. At this price, his investment in the company was about Rs 1287 crore. However, at a cost of Rs 940, his investment is worth Rs 7,791 crore. In this way he has earned a profit of Rs 6,504 crore on his investment.
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