SBI Life Insurance to list today
India Infoline News Service | Mumbai | October 03, 2017 08:54 IST
SBI Life Insurance, a subsidiary of the country's largest lender State Bank of India (SBI), will make its stock market debut on Tuesday. Market experts expect the company likely to list at a premium of Rs 20-30. The issue price was at Rs 700 per share.
SBI Life is a joint venture between SBI and BNP Paribas Cardif (BNPPC). Its initial public offer (IPO) of Rs 8,400 crore was oversubscribed 3.58 times between September 20 and September 22.
The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while those meant for non- institutional investors and retail investors received 70% and 85% subscription, respectively, data available with the NSE showed.
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.
SBI Life is India’s largest private life insurer, in terms of New Business Premium, a position the company has maintained since FY10.