SBI Life Insurance Lists on Bourses at Rs 733, loses 3%

SBI Life Insurance made its market debut on Tuesday as it got listed on the bourses. The issue price of the stock was fixed at Rs 700 per share however the scrip opened at a premium of Rs 33.35, pushing the open price at Rs 733.35.

However, within 20 minutes of trading, the stock slipped 1.50% on Sensex. When trading closed on Tuesday, the stock slipped 3% to close at Rs 711.55 on Sensex.

The life insurance company, which is a subsidiary of the State Bank of India, issued an Initial Public Offering (IPO) worth Rs 8,400 crore previous month. The IPO was oversubscribed 3.58 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while those meant for non- institutional investors and retail investors received 70 percent and 85 percent subscription, respectively, NSE data showed.

SBI Life is a joint venture between SBI and BNP Paribas Cardif is the second life insurance company after ICICI Prudential Life Insurance to list on the market.