 "A man walks past a podium set up at the venue of a news conference to announce the launch of Initial Public Offering by SBI Life Insurance Co in Mumbai. (Photo: Reuters)")
The retail portion of SBI Life Insurance Company’s offer for sale (OFS) garnered just 16 per cent subscription amid weakness in the secondary market.
Retail investors–those applying for shares worth up to Rs 200,000—bid for just 331,070 shares as against 2.1 million on offer. Shares of SBI Life on Monday ended at Rs 745.5, down 0.74 per cent.
The base price for the OFS was set at Rs 725 per share. Despite shortfall in retail demand, the OFS has sailed through successfully as the institutional investor portion had seen two times demand the shares on offer. Investment bankers said the unsubscribed retail
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