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The Rs 8,400-crore initial public offering (IPO) of SBI Life Insurance Company sailed through on high demand from institutional investors.
The country’s leading private life insurer’s IPO, however, failed to enthuse retail investors and high net worth individuals (HNIs), with shares in these two categories remaining undersubscribed.
The 88.2-million share offer got bids for 314 mn, about 3.6 times. Nearly 85 per cent came in the qualified institutional buyer segment. The retail portion of the IPO saw 82.5 per cent subscription and the HNI investor portion was subscribed 70 per cent.
ALSO READ: SBI Life IPO subscribed 57% on Day
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