Final Day Subscription (As of 4 pm)
HDFC Standard Life Insurance Company Ltd.’s Rs 8,695-crore initial public offering, the biggest in the life insurance sector, was subscribed 4,84 times on the final day of bidding today.
The public offer of the subsidiary of mortgage lender HDFC, received bids for 106.29 crore shares versus the total issue size of 21.97 crore, according to data provided by Axis Capital as of 4 pm.
The portion reserved for qualified institutional buyers was subscribed 16.60 times the number of shares on offer, while the retail investor portion was subscribed 0.79 times. The non-institutional bidders segment received bids for 2.29 times the number of shares allotted. The shareholders segment saw muted response while shares set aside for employees were subscribed 1.19 times.
Ahead of the public issue, the insurer raised Rs 2,321.98 crore by selling shares to 22 institutional investors as part of its anchor book allocation.
The IPO is an offer for sale with HDFC selling 9.52 percent stake and its joint venture partner Standard Life Plc. divesting 5.4 percent. HDFC will raise nearly Rs 5,550 crore and Standard Life Rs 3150 crore at the top end of the price band.
Morgan Stanley, HDFC Bank, Credit Suisse, CITIC CLSA Securities and Nomura Financial Advisory and Securities are managing the issue, among others.
HDFC Life, is a joint venture between HDFC and Standard Life Plc. The IPO is an offer for sale with HDFC selling 9.52 percent stake and its joint venture partner Standard Life Plc. divesting 5.4 percent.
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