SBI Life Insurance Company today

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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

showed.

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

offer.

 

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