Star Health cuts IPO size to about $848 mn after tepid subscription

India's largest private health insurer Star Health has cut the size of its initial public offering (IPO) to 64 billion rupees ($848.02 million) from 72.49 billion rupees earlier after a subdued response to the IPO last week, its prospectus showed.

Star Health's IPO failed to get fully subscribed last week, signalling weak investor demand for India's third-biggest listing this year.

Last week, a source had told Reuters that the company will cut the offer for sale portion after the weak response despite it extending the subscription period.

Backed by billionaire stock investor Rakesh Jhunjhunwala, the company had priced its IPO between 870 rupees