HDFC Standard Life IPO oversubscribed 1.17 times on Day 2

The initial public offer of HDFC Standard Life Insurance Company was oversubscribed 1.17 times on the second day of bidding today.
The IPO, estimated to raise Rs 8,695 crore, received bids for 25,78,71,850 shares against the total issue size of 21,97,59,218 shares, as per NSE data.
The portion meant for qualified institutional buyers (QIBs) was oversubscribed 3.69 ties, non institutional investors 50 per cent and retail investors 36 per cent.
Till yesterday, the IPO got subscribed 46 per cent.
HDFC Standard Life Insurance Company on Monday raised Rs 2,322 crore from anchor investors.
Price band for the offer, which will close tomorrow, 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.