Day 1 Subscription (As of 4 p.m.)
- Qualified institutional buyers: 1.37 times
- Non-institutional bidders: 0.22 times
- Retail investors: 0.13 times
- Employees: 0.43 times
- Shareholders: 0.07 times
- Overall: 0.44 times
HDFC Standard Life Insurance Company Ltd.'s Rs 8,695-crore initial public offering was subscribed 0.44 times on the first day of bidding.
Of the total issue size of 21.97 crore, the IPO of HDFC Life, a subsidiary of country's largest mortgage lender HDFC received bids for 9.72 crore shares, according to data provided by Axis Capital as of 4 pm.
The portion reserved for qualified institutional buyers was subscribed 1.37 times the number of shares on offer, while the retail investors portion was subscribed 0.13 times. The non-institutional bidders segment was bid for 0.22 times the number of shares allotted. The shareholders segment saw muted response.
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.
Also Read: HDFC Standard Life IPO: Here's All You Need To Know
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.
Watch the interview with the HDFC Life's management here.
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