Canara HSBC Life IPO Subscribed 27% on Day 2

New Delhi, Oct 13 (PTI) The initial public offer of Canara HSBC Life Insurance Company got subscribed 27 per cent on the second day of bidding on Monday.

The IPO received bids for 4,44,01,280 shares against 16,67,15,000 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) attracted 32 per cent subscription while the portion for Retail Individual Investors (RIIs) got subscribed 27 per cent. The category for non-institutional investors received 14 per cent subscription.

Canara HSBC Life Insurance Company on Thursday said it has raised a little over Rs 750 crore from anchor investors.

The Rs 2,517-crore public offering of the insurer will conclude on Tuesday.

The company has fixed a price band of Rs 100-106 per share for its IPO, targeting a valuation of about Rs 10,000 crore at the upper end.

Canara HSBC Life Insurance Company is a joint venture promoted by Canara Bank, which holds a 51 per cent stake, and HSBC Group's HSBC Insurance (Asia Pacific) Holdings, which owns 26 per cent.

Canara HSBC Life's IPO is a complete offer for sale (OFS) of 23.75 crore equity shares by promoters and an investor.

Since it's an OFS, the company will not receive any proceeds from the public issue; instead, funds will go to selling shareholders.

Incorporated in 2007, Canara HSBC Life has grown into a prominent bank-led private player in the Indian life insurance sector.

Canara HSBC Life is expected to make its stock market debut on October 17.