HDFC Standard Life IPO subscribed 4.9 times on last day

The initial public offering (IPO) of HDFC Standard Life Insurance Co Ltd was subscribed 4.88 times on Thursday, the final day of the public offering, on the back of an oversubscription in the institutional and high networth individuals (HNI) portions of the share sale, according to data from stock exchanges.

As of 6pm, the portion of shares reserved for institutional investors was subscribed 16.6 times, while those for high networth individuals and retail investors were subscribed 2.29 times and 88% respectively.

HDFC Standard Life had set a price band of ₹275-290 per share for the IPO. The IPO, a pure offer for sale, will see the two promoters of the life insurer—Housing Development Finance Corp. (HDFC) and Standard Life — sell 299.82 million shares, fetching ₹8,695 crore.

At the upper end of the price band, HDFC Standard Life Insurance is valued at ₹58,277 crore.

In fiscal 2017, HDFC Standard Life’s new business premium grew 34% from the previous year to ₹8,696.3 crore. As on September 30, the firm had assets under management of ₹99,530 crore.

The IPO will see a dilution of 14.92% stake.

The HDFC Standard Life share sale has witnessed the most subscription among all the five insurance IPOs to hit the primary market this year.

MUMBAI: