SBI Life Insurance to make stock market debut on Tuesday
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New Delhi: SBI Life Insurance Co. Ltd, which recently completed its initial share sale offer, will make its stock market debut on Tuesday.
The company’s Rs8,400 crore initial public offering (IPO) was subscribed 3.57 times on 22 September. The portion meant for qualified institutional buyers was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed.
SBI Life is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif, the insurance holding company of France.
The insurer had fixed the price band for the IPO at Rs 685-700 per share. JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets were the book running lead managers to the offer.
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