HDFC Standard Life Insurance to debut on November 17

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This would be The third life insurance company getting to be list on exchanges, after ICICI Prudential Life and SBI Life.

HDFC Standard Life Insurance to debut on November 17

It is the Initial Public offer which come out by HDFC As, HDFC Standard Life Insurance Company is set to debut on exchanges on November 17 after receiving good subscription to the public issue.The subsidiary of housing finance major HDFC has fixed issue price at higher end of price band of Rs 275-290 per share. The Rupees 8695 crore initial public offer (IPO) was subscribed 4.90 times during 7-9 November 2017.

HDFC Standard Life Insurance to debut on November 17

The category reserved for qualified buyers which was subscribed 16.60 times, non-institutional investors 2.29 times and retail investors 94 percent. The public issue comprised sale of 19,12,46,050 equity shares representing 9.55 percent of paid-up equity capital), by HDFC and up to 10,85,81,768 shares (5.42 percent) holding by Standard Life Mauritius.

At present, HDFC owns 51.69 percent stake in HDFC Standard Life and Standard Life has about 29.35 percent stake. The global coordinators and book running lead managers to the offer were Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India).

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