Canara HSBC Life made a flat entry on the stock exchanges, following a 2.29 times subscription to its initial public offering (IPO) on October 17.
The shares of Canara HSBC Life got listed at Rs 106 on both NSE and BSE, with 0 per cent listing gains for the investors who applied for the IPO.
IPO details:
Investors were allowed to apply for the IPO from October 10-14, following which the shares were allotted on October 15 and the listing took place on October 17.
With an issue price of Rs 2,517.5 crore, investors could apply for a minimum of 1 lot with 140 shares at a price of Rs 14,000.
Following the debut at Rs 106, shares of Canara HSBC Life surged 6 per cent to Rs 112 at the time of filing the report.
Canara HSBC Life Insurance is a private life insurance company in India, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited.
According to the firm, the IPO is an offer for sale (OFS) and the company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoters selling shareholders in proportion to the number of shares offered by them for sale.