HDFC Standard Life

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Insurance Company made a smart debut on the bourses today,

surging nearly 19 per cent over the issue price of Rs 290.

The company's stock listed at Rs 311, up 7.24 per cent

from the issue price on BSE. In intra-day trade, it jumped

27.24 per cent to Rs 369. It closed the session at Rs 344.25,

up 18.70 per cent.

On NSE, the stock closed with a sharp gain of 18.82 per

cent at Rs 344.60.

In terms of equity volume, 214.13 lakh shares of the

company were traded on BSE and over 16 crore shares changed

hands on NSE during the day.

The company's market valuation stood at Rs 69,158.90

crore at the close of trade.

The Rs 8,695-crore IPO of the company was oversubscribed

4.90 times during November 7-9.

The qualified institutional buyers (QIBs) portion was

oversubscribed 16.60 times, non-institutional investors 2.29

times and retail investors 94 per cent, data available with

the NSE showed.

Price band for the offer was fixed at Rs 275-290 per

share.

"There are a lot of insurance players that have come to

the market and a lot of money has been raised, now the

investors have to be selective about which are the companies

they want to invest in, to invest in all five or a couple of

them and we hope to be in their invest set or selection set,

thats all," HDFC Standard Life, Managing Director and CEO,

Amitabh Chaudhry said at the listing ceremony in Mumbai.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)