New Delhi: Canara HSBC Life Insurance Company Ltd made a flat debut on Friday, listing at par with its issue price of ₹106 per share, before gaining nearly 5% in subsequent trade.
The stock opened at ₹106 on both the BSE and NSE, later rising 4.62% to ₹110.90 on the BSE and 4.71% to ₹111 on the NSE. The company’s market capitalisation stood at ₹10,488 crore.
The insurer’s ₹2,517-crore IPO, entirely an offer for sale of 23.75 crore shares by promoters and an investor, was subscribed 2.29 times on its final day of bidding. The price band was fixed at ₹100–106 per share.
Promoted by Canara Bank and HSBC Group’s HSBC Insurance (Asia Pacific) Holdings, the company—incorporated in 2007—has grown into a leading bank-led private life insurer in India.
