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Kolkata: The Canara HSBC Life Insurance IPO, a prominent insurance company in the country, raised Rs 2,517.50 crore through an entirely OFS tranche of 23.75 crore share. The allotment for Canara HSBC Life shares was completed on October 15. Though the issue garnered 2.30 times subscription overall, retail investors remained lukewarm to the offer with only 0.42 times subscription in the retail category. The IPO got 7.05 times subscription in the QIB (Ex Anchor) category and 0.33 times in the NII category. The price band was set at Rs 106.00 per share and the minimum lot size for a retail investor was 140 with an application money of Rs 14,840.
However, according to investorgain, the movement of Canara HSBC Life IPO GMP was quite interesting. On October 17 morning, the GMP stood at Rs 3 which indicated a listing gain of 2.83%, a small gain by any account. But the real point of interest is that the GMP kept sliding from a level of Rs 14 on October 7 to zero on October 14, the last day of the bidding process. It was also zero on the date of allotment October 15. However, GMP rose to 2.5 on October 16 and further inched up to Rs 3 on October 17. However, it must be remembered that GMP is an unofficial indicator that does not guarantee anything, loss or gain.
KFin Technologies was appointed as the registrar for the issue. As many as 33 anchor investors invested their money into this public issue.
The company was set up in 2007 as a JV between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings. The business verticals where this company is active are Individual Life Insurance (Savings, Endowment, Term Plans); Group Insurance Solutions (Credit Life, Protection Plans); Retirement & Pension Products; Government Schemes (PMJJBY); Digital Insurance Distribution & Embedded Insurance Partnerships. The company offers a bouquet of 20 individual products and seven group products.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.)
