SBI Life Insurance Rs 8,400 crore IPO (initial public offer), a subsidiary of the country’s largest lender SBI, which opened on Wednesday Sep 20,2017 got oversubscribed 25% as day 3 bidding still left.
The largest public offer was subscribed 1.25 times as at 11:20 am today. Friday, 22 September is the last day to subscribe for initial share sale offer.
The shares reserved for QIB (qualified institutional buyers) was subscribed 4.09 times, the portion set aside for NII (non-institutional investors) was subscribed 9.71% while the shares reserved for retail investors got subscribed 52%.
The quantum reserved for employees category was subscribed 46.72% and shares locked for other shareholders got subscribed 14.31% at the end the second day of bidding.
This would be the second listing of a life insurer after ICICI Prudential Life Insurance, which went public last year.
The price band for the public offer has been fixed between Rs 685 to Rs 700 per share of face value Rs 10 each.
At the upper end of the price band, the company is expected to raise about Rs 8,400 crore. SBI Life’s Rs 8,400 crore IPO is the largest public offer in last seven years and the biggest after Coal India's Rs 15,200 crore share sale
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