Canara HSBC Life IPO subscribed 2.29 times

New Delhi: The initial public offer of Canara HSBC Life Insurance Company Ltd received 2.29 times subscription on the final day of bidding on Tuesday.

The Rs 2,517-crore IPO got bids for 38,21,61,220 shares against 16,67,15,000 shares on offer, according to data available with the NSE.

The Qualified Institutional Buyers (QIBs) category received 7.05 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 42 per cent, and non-institutional investors received 33 per cent subscription. The company on Thursday said it has raised a little over Rs 750 crore from anchor investors.

The insurer has fixed a price band of Rs 100-106 per share for its IPO, targeting a valuation of about Rs 10,000 crore at the upper end.

Canara HSBC Life Insurance Company is a joint venture promoted by Canara Bank, which holds a 51 per cent stake, and HSBC Group’s HSBC Insurance (Asia Pacific) Holdings, which owns 26 per cent.