IPO GMP Today: Canara HSBC Life vs Canara Robeco — Check Latest Grey Market Trends

The initial public offerings (IPOs) of Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company will conclude their subscription process this week.

Ahead of their debut on the stock market, the grey market premium for both mainboard issues has been drawing the attention of private market investors and experts who gauge the performance of the IPO based on the performance of unlisted shares at the grey market.

While the subscription window for the Canara Robeco IPO will close on October 13, the subscription process for the Canara HSBC Life Insurance IPO will conclude on October 14.

Here's a look at what the latest grey market premium (GMP) indicates for these IPOs. Also, find out all the details related to the IPO's of Canara HSBC Life Insurance and Canara Robeco Asset Management companies.

The GMP for the Canara HSBC Life IPO stood at Rs 2 per share as of 11:00 a.m. on October 13. The latest GMP indicates a listing price of Rs 108 apiece, at a premium of 1.89% compared to the upper limit of the issue price.

The Canara HSBC Life IPO is a book build issue of Rs 2,517.5 crore. The issue is entirely an OFS of 23.75 crore shares.

The IPO has been booked 0.14 times as of 11:48 a.m. as of 11:44 a.m. on Monday. The IPO was booked 0.09 times (9%) on Friday, with investors bidding for 1,51,36,800 shares against the 16,67,15,000 shares on offer.

The price band for the IPO is set between Rs 100 and Rs 106 per share.

Of the 16,67,15,000 shares on offer, 4,71,90,000 are reserved for QIBs, 3,53,92,500 are reserved for NIIs and 8,25,82,500 are reserved for RIIs.

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 Canara HSBC Life is expected to be completed on October 15. Shares of Canara HSBC Life are expected to be listed on the BSE and NSE on October 17.

Canara HSBC Life Insurance is a private life insurance company. It is jointly promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Ltd.

The GMP for the Canara Robeco IPO stood at Rs 8 per share as of 10:30 a.m. on October 13. It indicates a listing price of Rs 274 apiece at a premium of 3.01% over the upper limit of the IPO price band. 

The Canara Robeco IPO is a book build issue of Rs 1,326.13 crore. It comprises an offer-for-sale (OFS) of 4.99 crore shares.

The IPO has been booked 0.82 times as of 11:44 a.m. on Monday.

The IPO was booked 0.48 times (48%) on Friday, with investors bidding for 1,68,70,168 shares against the 3,48,98,051 shares on offer. The Canara Robeco IPO was subscribed 0.21 times on its opening day on Thursday.

The price band for the IPO is set between Rs 253 and Rs 266 per share.

SBI Capital Markets Ltd. is the book-running lead manager, and MUFG Intime India Pvt.Ltd is the registrar of the issue.

Share allotment status for Canara Robeco is expected to be finalised on October 14. Shares of Canara Robeco are likely to be listed on the BSE and NSE on October 16.

Canara Robeco Asset Management Company is an asset management firm. It is the investment manager for Canara Robeco Mutual Fund.

Note: GMP does not represent official data and is based on speculation.

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.