HDFC Standard Life Insurance Company made a strong debut on the bourses on Friday with its shares gaining almost 19% compared with the issue price.
On the BSE, the shares of the insurance major opened at ₹311, before touching a high of ₹369. It closed at ₹344.25, rising 18.7% compared with its issue price of ₹290. On the National Stock Exchange (NSE), the shares closed at ₹343.90, after touching an intra-day high of ₹369.
Based on the first day's closing price, the market capitalisation of the company is pegged at ₹69,158.90 crore. Incidentally, this makes HDFC Standard Life the biggest listed life insurance entity.
While the recent past has seen five companies list from the insurance sector — both life and non-life — only General Insurance Corporation with a market capitalisation of ₹69,658.45 crore is bigger than HDFC Standard Life.
The ₹8,700 crore public issue of HDFC Standard Life, which closed on November 9, was subscribed 4.9 times, with the institutional segment getting subscribed 16.6 times. The retail segment remained undersubscribed at 0.94 times.
The company had also raised ₹2,322 crore through allotment of shares to anchor investors.
