SBI Life IPO Subscribed 3.56 Times On Last Day Of Bidding

Day 3 Subscription

• Overall: 3.56 times
  
• Qualified institutional buyers: 12.56 times
  
• High net-worth individuals: 0.70 times
  
• Retail investors: 0.82 times
  
• Employees: 1.03 times
  
• Shareholders: 0.38 times
  

SBI Life Insurance Company Ltd.'s Rs 8,400-crore initial public offering was subscribed 3.56 times on Friday, the third and final day of the bidding.

The portion of shares reserved for qualified institutional buyers was subscribed 12.56 times, while that allocated to retail investors was subscribed 0.82 times, according to a statement issued by its public relations firm.

The quota for non-institutional bidders was subscribed 0.70 times on the final day of bidding. Shares reserved for employees witnessed bids for 1.03 times the number of shares on offer, while the shareholder segment saw a subscription of 0.38 times.

SBI Life Insurance is a subsidiary of the country's largest public sector lender State Bank of India. Through the IPO, SBI Life will issue up to 12 crore equity shares in the price band of Rs 685-700 apiece.

The objective of the issue is to achieve the benefits of listing and enhance the “SBI Life brand name and provide liquidity to the existing shareholders,” according to the insurer's draft prospectus.

Also Read: SBI Life Bets Big On ULIPs As Demand Picks Up

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