Canara HSBC Life IPO gets subscribed 2.29 times

New Delhi, Oct 14 (PTI) The initial public offer of Canara HSBC Life Insurance Company Ltd received 2.29 times subscription on the final day of bidding on Tuesday.

The Rs 2,517-crore IPO got bids for 38,21,61,220 shares against 16,67,15,000 shares on offer, according to data available with the NSE.

The Qualified Institutional Buyers (QIBs) category received 7.05 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 42 per cent, and non-institutional investors received 33 per cent subscription.

The company on Thursday said it has raised a little over Rs 750 crore from anchor investors.

The insurer 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.

The IPO is a complete offer for sale (OFS) of 23.75 crore equity shares by promoters and an investor.

Since it is 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. PTI SUM SUM SHW