India's Star Health to raise $275m for IPO

It will be the fourth private insurer to list on Indian stock exchanges.

Indian health insurer Star Health and Allied Insurance is mulling a public share to raise at least $275m, according to media reports.

The firm is planning to file a draft red herring prospectus by the end of May, a source said in the reports, but it is likely that this may go into the first or second week of June.

The initial public offering will possibly be a mix of primary and secondary shares, the source added. Around 10 to 12 investment banks are working on the IPO, including Citibank and Credit Suisse.

The move will make Star Health the fourth private insurance provider to list on Indian stock exchanges after HDFC Life, ICICI Prudential Life, and ICICI Lombard General Insurance.

Other listed insurers include SBI Life, state-owned General Insurance Corporation of India, and New India Assurance.