The initial share sale offer of SBI Life Insurance Company to raise Rs 8,400 crore was oversubscribed 3.58 times as on the last day of bidding today, stock exchanges data showed.
The initial public offer (IPO) received bids for 31,54,18,824 shares as against the total issue size of 8,82,00,000 shares, data available with the NSE till 2000 hours showed.
The qualified institutional buyers (QIBs) portion was oversubscribed 12.56 times, non-institutional investors 70 per cent and retail investors 84 per cent, investment banking sources said.
The IPO has attracted over 10.68 lakh applications.
At upper end of the price band, the IPO attracted subscription of about Rs 25,000 crore -- inclusive of anchor portion of Rs 2,226 crore -- they added.
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 company's IPO involves promoters offloading up to 12 crore shares of face value of Rs 10 each through the offer of sales route. SBI will dilute up to 8 crore shares while BNP Paribas Cardif SA will offload up to 4 crore shares.
The insurer is looking to raise about Rs 8,400 crore at the higher end of the price band, which is fixed 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 are 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.)