Canara HSBC Life’s Rs.2,517-Cr IPO subscribed 2.29 times

The INR 2,517 crore initial public offering (IPO) of Canara HSBC Life Insurance Company Ltd received 2.29 times subscription. The issue got bids for 38,21,61,220 shares against 16,67,15,000 shares on offer.The insurer has fixed a price band of INR 100-106 per share for its IPO, targeting a valuation of about INR 10,000 crore at the upper end.The Qualified Institutional Buyers (QIBs) category received 7.05 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 42%, and non-institutional investors received 33% subscription.Canara HSBC Life Insurance Company is a joint venture promoted by Canara Bank, which holds a 51% stake, and HSBC Group's HSBC Insurance (Asia Pacific) Holdings, which owns 26%. The IPO is a complete offer for sale (OFS) of 23.75 crore equity shares by promoters and an investor.