SBI Life to Start its Market Innings on Tuesday

SBI Life Insurance Company, which recently completed its initial share sale offer, will make its stock market debut on Tuesday.
The initial public offer (IPO) of Rs 8,400 crore was oversubscribed 3.58 times on September 20-22.

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.

SBI Life is a joint venture between India's largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), the insurance holding company of France.

The insurer had fixed the price band for the IPO at Rs 685-700 per share. 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 book running lead managers to the offer.