SBI Life IPO fully bid

SBI Life Insurance IPO Opens Today Should You Invest

SBI Life Insurance IPO Opens Today Should You Invest

On Thursday, the second day of the offer, the initial share sale by SBI Life Insurance got subscribed 58 per cent.

Among all insurance initial public offerings (IPOs), State Bank of India's SBI Life commanding a valuation of Rs 70,000 crores is fully subscribed.

The initial public offer (IPO), which aims to raise Rs 8,400 crore, received bids for 5,08,79,178 shares against the total issue size of 8,82,00,000 shares, according to data available with NSE.

The issue price band of the much talked about IPO is Rs 685-700 per share of Rs 10 each.

As of 10:50 am, the portions reserved for institutional investors and retail investors were subscribed 3.84 times and 0.46 times, respectively.

SBI Life is a joint venture between Indias largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC) - the insurance holding company of France.

In a statement, SBI Life Insurance said it has finalised the allocation of 3.18 crore equity shares at Rs 700 per share totalling Rs 2,226 crore to 69 anchor investors. The shares were allotted at the upper end of the price band at Rs. 700.

There was a discount of Rs 68 per share on offer price to eligible employees.

"We believe the Indian Life Insurance industry is in a phase of high growth and lower penetration will ensure the growth remaining higher for next couple of years". SBI will dilute up to 8 crore shares while BNP Paribas Cardif SA will offload up to 4 crore shares.

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