HDFC Standard Life Insurance Company was up 10.33% to Rs 391.55 at 14:24 IST on BSE, extending post listing gains on fresh buying support.
Meanwhile, the S&P BSE Sensex was up 188.05 points, or 0.56% to 33,547.95.On the BSE, 57.24 lakh shares were traded in the counter so far. The stock pared intraday gains after hitting the Rs 400 mark for the first time since its listing on 17 November 2017. The stock had hit a high of Rs 417.65 and a low of Rs 353 so far during the day.
Shares of HDFC Standard Life Insurance Company were listed on the stock exchanges on 17 November 2017. The stock listed on BSE at Rs 311, a premium of 7.24% over the initial public offer (IPO) price of Rs 290. On that day, the stock settled at Rs 344.25 on BSE, a premium of 18.71% over the issue price.
The stock is currently up 35.02% over its IPO price of Rs 290.
The IPO of HDFC Standard Life Insurance Company received bids for 107.74 crore shares, data on NSE showed. The IPO was subscribed 4.90 times. The price band for the IPO was Rs 275 to Rs 290 per share. The IPO opened for bidding on 7 November 2017 and closed on 9 November 2017.
Ahead of the IPO, the company's board finalized allocation of 8 crore shares to 126 anchor investors at a higher end of the IPO price band at Rs 290 per share, aggregating to Rs 2321.98 crore.
On a consolidated basis, HDFC Standard Life Insurance Company reported 8.59% rise in net profit to Rs 886.92 crore on 68.7% rise in total income to Rs 30784.80 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.
HDFC Standard Life Insurance Company is among the top three life insurers in India by market share in new business premium, one of the most profitable life insurers based on the value of new business (VNB) margins and among the top five private life insurers in India. Established in 2000 as a joint venture between HDFC, one of India's leading housing finance institutions, and Standard Life Aberdeen Plc, one of the world's largest investment companies, initially through wholly owned subsidiary The Standard Life Assurance Company and now through wholly owned subsidiary Standard Life Mauritius.
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