Canara HSBC Life IPO: A Promising Market Debut
Canara HSBC Life Insurance's initial public offering opened with a 9% subscription on its first day. Anchor investors have already committed over Rs 750 crore. The IPO, set between Rs 100 to Rs 106 per share, aims for a Rs 10,000 crore valuation. Concluding on October 14, it's a complete offer for sale.
- Country:
- India
The initial public offering (IPO) of Canara HSBC Life Insurance gained a modest 9% subscription rate on its first day of bidding, Friday.
Data from NSE showed bids were placed for 1,51,32,320 shares against the 16,67,15,000 shares on offer. The retail investors' section saw a 14% subscription, while non-institutional investors subscribed to 5%. Meanwhile, the qualified institutional buyers' category received a 3% subscription.
On Thursday, the company announced it had raised over Rs 750 crore from anchor investors. The Rs 2,516-crore IPO, which will close on October 14, is priced between Rs 100 and Rs 106 per share, eyeing a Rs 10,000 crore valuation at the higher end of the range. Canara HSBC Life, a joint venture promoted by Canara Bank, HSBC Insurance, and Punjab National Bank, aims for a market debut on October 17.
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