The initial public offer of HDFC Standard Life Insurance Company was subscribed 46 per cent on the first day of the three-day bidding today.
The IPO, to raise Rs 8,695 crore, received bids for 10,03,43,050 shares against the total issue size of 21,97,59,218 shares, NSE data till 1700 hrs showed.
The portion meant for qualified institutional buyers (QIBs) was oversubscribed 1.40 times, non-institutional investors 22 per cent and retail investors 14 per cent.
HDFC Standard Life Insurance Company yesterday raised Rs 2,322 crore from anchor investors.
The price band for the offer, which would close on November 9, has been fixed at Rs 275-290 per share.
The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius.
At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.
Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India) are the global co-ordinators and book running lead managers to the offer.