HDFC Life IPO subscribed 4.89 times

HDFC Standard Life Insurance Company's initial public offer (IPO) was subscribed 4.89 times on the closing day of bidding today.
The Rs 8,695-crore IPO, received bids for 1,07,50,87,700 shares against the total issue size of 21,97,59,218 shares, according to NSE data till 1915 hrs.
The category reserved for qualified institutional buyers (QIBs) was subscribed 16.60 times, non institutional investors 2.29 times and retail investors 91 per cent, merchant banking sources said.
The IPO received 11.37 lakh applications, they added.
Till yesterday, the IPO was subscribed 1.17 times.
HDFC Standard Life Insurance Company on Monday raised Rs 2,322 crore from anchor investors.

Price band for the offer has been fixed at Rs 275-290 per share.

The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius.
At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.
Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India) are the global coordinators and book running lead managers to the offer.