Canara HSBC Life Insurance IPO Day 1 Updates: Issue subscribed 9% so far. Check GMP, subscription status, review, more.
Canara HSBC Life Insurance IPO Day 1 Updates: Canara HSBC Life Insurance IPO subscription status was 9% on day 1. The retail portion was subscribed 14%, and NII portion has been booked 0.05%, Qualified Institutional Buyers (QIBs) portion received 0.03% bids.
The company has received bids for 1,51,32,320 shares against 16,67,15,000 shares on offer, at 17:00 IST, according to BSE data.
The initial public offering (IPO) for Canara HSBC Life Insurance Company Ltd will be open for subscription from October 10 to October 14. Canara HSBC Life IPO price band has been set in the range of ₹100 to ₹106 per share, aiming for a valuation of approximately ₹10,000 crore at the highest price point. Canara HSBC Life Insurance IPO GMP today is ₹10.
Canara HSBC Life Insurance Company is a joint venture sponsored by Canara Bank, which possesses a 51 percent stake, and HSBC Group’s HSBC Insurance (Asia Pacific) Holdings, which holds 26 percent.
The IPO of Canara HSBC Life consists entirely of an offer for sale (OFS) of 23.75 crore equity shares by its promoters and an investor.
As part of the OFS, Canara Bank will sell 13.77 crore equity shares, HSBC Insurance (Asia-Pacific) Holdings Ltd will sell 47.5 lakh shares, and Punjab National Bank intends to divest 9.5 crore equity shares.
Since this is an OFS, the company will not receive any funds from the public issue; instead, the money will go to the selling shareholders.
Established in 2007, Canara HSBC Life has become a significant private player in the Indian life insurance market, led by banking.
(Stay tuned for more updates)
