SBI Life Insurance Company made its debut on the BSE on Tuesday at Rs 733.30, a premium of 4.75% over its issue price of Rs 700.
The stock opened at Rs 733.30, gained further momentum and touched a high of Rs 738.
Similar movement was seen on the National Stock Exchange as well, where the stock opened at Rs 735, with a premium of 5% over its issue price.
At 1002 hours, the stock was trading at Rs 731 on the BSE and at Rs 734 on the NSE.
The Rs 8,400-crore initial public offer (IPO) was oversubscribed 3.58 times.
The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times while that of non- institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed.
SBI Life is a joint venture between India’s largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), the insurance holding company of France.
The insurer had fixed the price band for the IPO at Rs 685-700 per share.
{{/usCountry}}The insurer had fixed the price band for the IPO at Rs 685-700 per share.
{{/usCountry}}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.