SBI Life Insurance To Record Today

SBI life insurance, a subsidiary of the country's largest lender State bank of India (SBI), will make its stock market debut on Tuesday.

Market specialists predict the corporate likely to list at a top rate of Rs 20-30. the issue price was once at Rs 700 per share.

SBI Life is a joint venture between SBI and BNP Paribas Cardif (BNPPC). Its initial public offer (IPO) of Rs 8,400 crore was once oversubscribed 3.58 times between September 20 and September 22.

The component supposed for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, whereas these supposed for non- institutional traders and retail investors acquired 70% and 85% subscription, respectively, data available with the NSE showed.

JM financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital company and SBI Capital Markets had been the e-book running lead managers to the offer.

SBI lifestyles is India’s biggest private life insurer, in the case of New business premium, a position the company has maintained since FY10.

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