HDFC Standard Life Insurance Company gears up to makes its debut on BSE and NSE tomorrow. The company recently concluded a round of its initial public offering of Rs.8,695 crore.
The IPO subscriptions began on 7 November and concluded on 9 November. Shares were subscribed 4.89 times at a range of Rs.275 to Rs.290 per share. The total number of shares sold during the IPO was 1,91,246,050. This translates to a total of 9.55% stake being sold by HDFC. Standard Life Mauritius holds a 5.42% percent stake with 1,08,581,768 shares.
HDFC Standard Life, one of the leading long-term life insurance company in India, managed to raise Rs.2,322 crore from anchor investors in an earlier round of funding.
HDFC Bank, Morgan Stanley India Company, CLSA India, Credit Suisse Securities (India), and Nomura Financial Advisory and Securities (India) were the book runners and global coordinators to the offer.
HDFC Standard Life, established in 2000, was set up as a joint venture between Standard Life Aberdeen plc and Housing Development Finance Corporation Limited.
The soon-to-be listed company has a presence pan India and offers a range of individual and group insurance products to a wide customer base.