SBI Life Insurance Company today
made its debut on the BSE at Rs 733.30, a premium of 4.75 per
cent over its issue price of Rs 700.
The stock today opened at Rs 733.30, gained further
momentum and touched a high of Rs 738.
Similar movement was seen on the National Stock Exchange
as well, where the stock opened at Rs 735, with a premium of 5
per cent over its issue price.
At 1002 hours, the stock was trading at Rs 731 on the BSE
and at Rs 734 on the NSE.
The Rs 8,400-crore initial public offer (IPO) was
oversubscribed 3.58 times.
The portion meant for qualified institutional buyers
(QIBs) was oversubscribed 12.56 times while that of non-
institutional investors received 70 per cent subscriptions and
retail investors 85 per cent, data available with the NSE
SBI Life is a joint venture between India's largest
lender State Bank of India (SBI) and BNP Paribas Cardif
(BNPPC), 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
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)