Hdfc standard life makes a positive debut, gains 7% against issue price

HDFC Standard Life makes a positive debut, gains 7% against issue price

HDFC Standard Life makes a positive debut, gains 7% against issue price on Business Standard. The stock was listed at Rs 311, a 7% premium against issue price of Rs 290 per share on the BSE. It was opened at Rs 310 on the National Stock Exchange.

Latest News HDFC Standard Life Insurance Company (HDFCSL) made a positive debut by listing at Rs 311, a 7% premium against issue price of Rs 290 per share on the BSE. The stock opened at Rs 310 on the National Stock Exchange (NSE). At 10:02 AM; the HDFC Standard Life Insurance share price was trading at Rs 313 on the BSE and NSE, after hitting an intra-day high of Rs 314 post its listing. A combined 49.58 million shares changed hands on the counter on both the exchanges. HDFCSL's Rs 8,695 crore initial public offer (IPO) was oversubscribed 4.9 times to its issue size. The issue got strong response from the qualified institutional buyers (QIBs), which saw 16.6 times more demand than shares on offer. Barring the QIB portion, most other categories saw a lukewarm response. The retail portion was subscribed 94%. The high net worth individual (HNI) portion was subscribed 2.3 times, the stock exchange data shows. The issue is totally offer-for-sale (OFS), so the company will not

receive any proceeds from the IPO. Among the private life insurers, HDFCSL is one of the most profitable life insurers in India. The company has consistently been among the Top 3 private life insurers in terms of market share based on total new business premium (NBP) during FY15-17, according to CRISIL. Over the preceding two fiscals, its annualized premium equivalent (APE) registered a healthy CAGR of 14.5%.