Strong Interest Boosts Canara HSBC Life IPO Beyond Expectations

Canara HSBC Life Insurance Company's IPO was oversubscribed by 2.29 times on its final day. The offering received strong interest from Qualified Institutional Buyers, while Retail and non-institutional investors also participated. The company raised over Rs 750 crore from anchor investors, setting its stage for a market debut.

The initial public offering of Canara HSBC Life Insurance Company Ltd garnered strong interest, being oversubscribed by 2.29 times on the final day of bidding, Tuesday.

Bids were received for 38,21,61,220 shares against the available 16,67,15,000 shares. The offering saw particularly high interest from Qualified Institutional Buyers, with this segment being subscribed 7.05 times.

Retail Individual Investors subscribed to 42% and non-institutional investors to 33% of their respective portions. The company raised over Rs 750 crore from anchor investors, aiming for a valuation near Rs 10,000 crore at the upper price band of Rs 106 per share. Set for a market debut on October 17, the IPO reflects strong confidence in the Indian life insurance sector.

(With inputs from agencies.)