Star Health and Allied Insurance Company has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. The initial public offer (IPO) comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer for sale of up to 60,104,677 equity shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).

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Those offering shares through the offer for sale are promoter and promoter group --Safecrop Investments India LLP, Konark Trust, MMPL Trust-- and existing investors-- Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish, and Berjis Minoo Desai.

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The public offer includes a reservation for eligible employees.

Proceeds from the fresh issue would be used to augment the company's capital base.

Star Health, a leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.

At present, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, and ICICI Lombard General Insurance Company are the few insurance companies that are listed on the stock exchanges.

Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors, and IIFL Securities are the merchant bankers to the issue.

The equity shares of the company will be listed on the BSE and NSE.