Thursday, December 14, 2017

SBI Life debut on stock market

SBI Life, India’s largest private life insurer in terms of new business premium, is set to make its stock market debut today with experts saying that it will open at a premium.

Analysts said SBI Life’s stock could most likely open at a premium of Rs20-Rs30 (US$0.30-US$0.46).

The issue price is fixed at Rs700 per share.

SBI Life Insurance’s IPO raise Rs84 billion, India’s biggest IPO in seven years, was oversubscribed 3.58 times, strengthening the outlook for share sales in what is expected to be a record year.

Anchor investors contributed Rs22.26 billion to the deal.

SBI Life takes 20% market share in new business premium in India, followed by HDFC Life and ICICI Prudential, which held 17.2% and 15.5% shares respectively in 2017.

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