SBI Life makes market debut today at 5 per cent premium to issue price

Mumbai: SBI Life, the insurance arm of the country’s largest lender made its market debut on Tuesday as it got listed on the bourses.

Although the issue price of the stock was fixed at Rs 700, the scrip opened at a premium of around Rs 30, taking the price to Rs 733 on BSE and Rs 735 on BSE.

SBI Life is a joint venture between SBI and BNP Paribas Cardif (BNPPC). It recently made a bumper initial public offer, raising Rs 8,400 crore and was oversubscribed 3.58 times between September 20 and September 22.

The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times while that of non-institutional investors received 70 per cent subscriptions and retail investors 85 per cent, data available with the NSE showed.

JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets were the lead managers to the offer.