Economy

SBI Life Insurance to list today

SBI Life Insurance to list todayā€¯

Although the issue price of the stock was fixed at Rs 700, the scrip opened at a premium of around Rs 30, taking the price to Rs 733 on BSE and Rs 735 on BSE.

As of 12:50 pm, SBI Life Insurance shares traded 3.5 per cent higher at Rs 724.55 compared to issue price of Rs 700.

SBI Life's public offering was covered 3.7 times thanks to strong participation from institutional investors, though demand from retail and high net-worth individuals was low.

Centrum Broking in its IPO note had said, "Going ahead, the company is expected to benefit further from the vast bancassurance and private agent network along with its extensive reach and market share". The price band for the IPO was set at Rs 685 to Rs 700 per share. SBI has sold 8 crore shares while BNP Paribas Cardif SA has sold almost 4 crore shares through this IPO.

SBI Life said its promoters have offloaded up to 12 crore shares of face value of Rs 10 each through the offer of sale route.

SBI, India's biggest bank, sold 80 million shares while its Dutch partner sold the remaining.

Reliance Securities had also considered SBI Life IPO a healthy investment opportunity.

SBI Life Insurance, a subsidiary of the country's largest lender State Bank of India (SBI), will make its stock market debut on Tuesday.

The IPO of SBI Life Insurance Company (SBI Life) opened for subscription on 20 September 2017 and closed on 22 September 2017.

The others were Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets.

SBI Life Insurance Company Ltd has raised Rs 2,226 crore ($346 million) from.



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