HDFC Standard Life IPO has witnessed the most subscription among all the five insurance IPOs to hit the primary market this year. As of 8pm, the portion of shares reserved for institutional investors in the HDFC Standard Life IPO was subscribed 16.6 times, while those for HNIs and retail investors were subscribed 2.29 times and 92%, respectively. Shares in the HDFC Standard Life IPO were issued in a price band of Rs275-290 apiece. The HDFC Standard Life IPO, a pure offer for sale, will see the two promoters of the life insurance firm—Housing Development Finance Corp. Ltd (HDFC) and Standard Life—sell 299.82 million shares, fetching Rs8,695 crore. The HDFC Standard Life IPO is the third largest this year after GIC Re’s Rs11,372 crore and NIA’s Rs9,600 crore share sales.

Source: Mint November 09, 2017 07:25 UTC