The initial public offering (IPO) of Canara HSBC Life Insurance that opened for booking on Friday, October 10, concluded its subscription process on October 14. The mainboard issue was oversubscribed over 2 times on Tuesday.
Ahead of its listing this week, the unlisted shares of Canara HSBC Life Insurance Company have been trading flat in the private market.
Here are all the details investors need to know as Canara HSBC Life Insurance prepares for the listing of its shares on the markets this week.
Canara HSBC Life IPO Listing Date
Shares of Canara HSBC Life Insurance Company are scheduled to list on the BSE and NSE on Friday, October 17.
Canara HSBC Life IPO GMP
The GMP for the Canara HSBC Life IPO was Rs 2.5 as of 1:00 p.m. on October 16. It indicates a listing price of Rs 108.5 (Rs 106 + Rs 2.5) per share, indicating a potential listing gain of around 2.36%
The highest GMP recorded for the IPO was Rs 14 on October 7. Private market investors will continue to monitor the GMP trends as the mainboard issue lists on the market tomorrow.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Canara HSBC Life IPO: Key Details
The Canara HSBC Life IPO was a book build issue of Rs 2,517.5 crore. The issue is entirely an OFS of 23.75 crore shares.
The price band for the IPO was set between Rs 100 and Rs 106 per share.
SBI Capital Markets Ltd. is the book-running lead manager, and Kfin Technologies Ltd. is the registrar of the issue.
The share allotment status for the IPO was finalised on Wednesday. The company will transfer shares to the demat accounts of successful bidders on October 16, and refunds for non-allottees will be done on the same day.
Canara HSBC Life Insurance is a private life insurance company. It is jointly promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Ltd.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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