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SBI Life IPO Subscribed 3.56 Times On Last Day Of Bidding

The QIB portion of SBI Life’s IPO was subscribed most on the final day of bidding.  



Signage for the State Bank of India Ltd. (SBI) is seen at a branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
Signage for the State Bank of India Ltd. (SBI) is seen at a branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Day 3 Subscription

  • Overall: 3.56 times
  • Qualified institutional buyers: 12.56 times
  • High net-worth individuals: 0.70 times
  • Retail investors: 0.82 times
  • Employees: 1.03 times
  • Shareholders: 0.38 times

SBI Life Insurance Company Ltd.’s Rs 8,400-crore initial public offering was subscribed 3.56 times on Friday, the third and final day of the bidding.

The portion of shares reserved for qualified institutional buyers was subscribed 12.56 times, while that allocated to retail investors was subscribed 0.82 times, according to a statement issued by its public relations firm.

The quota for non-institutional bidders was subscribed 0.70 times on the final day of bidding. Shares reserved for employees witnessed bids for 1.03 times the number of shares on offer, while the shareholder segment saw a subscription of 0.38 times.

SBI Life Insurance is a subsidiary of the country’s largest public sector lender State Bank of India. Through the IPO, SBI Life will issue up to 12 crore equity shares in the price band of Rs 685-700 apiece.

The objective of the issue is to achieve the benefits of listing and enhance the “SBI Life brand name and provide liquidity to the existing shareholders,” according to the insurer’s draft prospectus.