SBI Life Insurance Company IPO oversubscribed 3.5 times on QIB support
The trading in equity shares is expected to commence on October 3, 2017.
Moneycontrol News
SBI Life Insurance Company's initial share sale offer has received good response from institutional investors on Friday, the last day for subscription.
The Rs 8,400-crore public issue has been oversubscribed 3.52 times, as per latest data available on exchanges.
The initial public offer has received bids for 31.01 crore shares against the total IPO size of 8.82 crore shares, excluding anchor investors' portion.
The reserved category of qualified institutional buyers (QIBs) has seen oversubscription of 12.55 times while the portion set aside for non institutional investors has subscribed 69 percent and retail investors 76 percent.
SBI Life Insurance Company, the joint venture between India's largest lender State Bank of India and BNP Paribas Cardif, already raised Rs 2,226 crore from 69 anchor investors.
The IPO comprises of dilution of up to 12 crore shares through the offer of sale. SBI will sell up to 8 crore shares while BNP Paribas Cardif SA will dilute up to 4 crore shares.
The insurer aims to raise Rs 8,260 crore at the higher end of the price band that is fixed at Rs 685-700 per share.
The trading in equity shares is expected to commence on October 3, 2017.
JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company, SBI Capital Markets are the book running lead managers to the issue.
