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Nov 17, 2017 12:08 PM IST | Source: Moneycontrol.com

HDFC Standard Life Insurance extends rally, jumps 27% after good debut

The share price opened at Rs 313 per share against issue price of Rs 290.

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HDFC Standard Life Insurance Company shares extended rally on Friday, rising as much as 27 percent over issue price of Rs 290 per share, driven by positive market conditions and good subscription.

The stock touched an intraday high of Rs 369 and intraday low of Rs 307 after listing at Rs 313 on the National Stock Exchange.

At 11:59 hours IST, it was trading at Rs 342.60, up 10.52 percent over pre-opening price of Rs 310 and up 18.13 percent over issue price.

Heads up! HDFC Standard Life to list on bourses with a premium: Experts

This is the third life insurance company getting listed on exchanges, after ICICI Prudential Life and SBI Life.

The public issue of the subsidiary of housing finance major HDFC was oversubscribed 4.90 times during November 7-9, 2017. The price band for the issue was Rs 275-290 per share.

The Rs 8,695-crore public issue comprised sale of 19,12,46,050 equity shares (representing 9.55 percent of paid-up equity capital), by HDFC and up to 10,85,81,768 shares (5.42 percent) holding by Standard Life Mauritius.

At present, HDFC owns 51.69 percent stake in HDFC Standard Life and Standard Life has about 29.35 percent stake.
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