HDFC Standard Life’s initial public offering will see shares in the band of Rs.275 and Rs.290, with the IPO open for subscription from November 7.
Interested individuals can bid for a minimum of 50 equity shares, which can be increased in multiples of 50.
Around 30 crore shares will be issued under the IPO, with it ending on November 9.
HDFC Standard Life will be looking to get anywhere between Rs.8,245 crore and Rs.8,695 crore through this IPO, depending on the price band.
HDFC Standard Life is a subsidiary of Housing Development Finance Corp. Ltd., India’s largest mortgage lender. The company currently offers a number of insurance products, catering to the varied needs of the Indian diaspora.
The insurance company has performed consistently, having registered a net profit of Rs.887 crore during FY 2017, generating a 26 per cent return on equity.
HDFC currently has a 61.41 per cent stake in the company, with Standard Life having a 34.86 per cent stake. The IPO will see HDFC sell 9.6 per cent of its stake (approximately 19 crore shares), with Standard Life selling 5.4 per cent or nearly 11 crore shares.
The insurance company has appointed HDFC Bank, Nomura, Morgan Stanley, Credit Suisse and Citic CLSA as its global coordinators.
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