Shares of recently-listed SBI Life Insurance Company slipped below its issue price of Rs 700 in the early trade on Thursday. The scrip was trading 1.15 per cent down at Rs 694 around 9.30 am (IST).

Earlier, the company on Tuesday saw a muted listing on bourses, settling at Rs 708, a premium of just 1.14 per cent over the issue price on BSE.

SBI Life is a joint venture between country’s largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), the insurance holding company of France.

The company's Rs 8,400-crore initial public offer (IPO), from September 20-22, was oversubscribed 3.58 times.

While giving a ‘Subscribe’ rating to the SBI Life IPO, Geojit Financial Services in a research note said, “We believe SBI Life commands a premium valuation over its peers on account of its leadership position and better financial parameters. We recommend 'Subscribe' to the issue only with a long term perspective given high valuation.”

However, Choice Broking said, “We feel that that the investors can enter in this script at a lower price post listing and can hold it for a long period for better returns.”

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.