SBI Life Insurance Pares Some Gains After Listing At 5% Premium
SBI Life Insurance made its stock market debut on Tuesday at a premium of 5 percent on the National Stock Exchange at Rs 735 apiece. However, the stock pared some of its gains to close 1 percent higher at Rs 707.55.
The stock listed at Rs 733 apiece, on the BSE Ltd., compared to its issue price of Rs 700.
The company is India's second pure-play life insurer to go public after ICICI Prudential Life Insurance made its debut last year. It sold up to 12 crore equity shares at the upper end of the issue price.
Qualified institutional buyers and non-institutional bidders put in bids for 12.56 and 0.70 times the shares on offer, respectively. The portion reserved for retail buyers was subscribed 0.85 times.
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. It also raised Rs 2,226 crore from anchor investors ahead of its IPO.
The Rs 8,400 crore issue was an offer for sale with SBI selling 8 percent stake and its joint venture partner BNP Paribas Cardif divesting 4 percent. SBI's holding will come down from 70.10 percent to 62.1 percent, while BNP Paribas Cardif's stake will fall from 26 percent to 22 percent.
The object of the issue is to achieve the benefits of listing and enhance the “SBI Life brand name and provide liquidity to the existing shareholders,” the insurer's draft prospectus had stated.
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