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HDFC Life shares buck trend, soar on debut after $1.3 bn IPO

HDFC Life's rival SBI Life has also shed 6.4 percent since its listing last month after a $1.3 billion IPO

Reuters  |  Mumbai 

HDFC Standard Life Insurance Co's shares soared by more than a fifth in their trading debut on Friday after a $1.3 billion initial public offering, bucking a trend of tepid market debuts by Indian insurers due to worries over their valuations. By 8.40 GMT, HDFC Life shares were trading at Rs 352 ($5.40), below an earlier high of Rs 369 and compared to the IPO price of Rs 290. The gains marked the best opening day performance in seven years by a billion dollar-plus India IPO. Institutional investors seemed to have overlooked a richer valuation for HDFC Life compared to ...

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First Published: Fri, November 17 2017. 15:31 IST