The company had a stellar response to its initial public offering, getting oversubscribed 183.03 times.
Promoters including Sequoia Capital GFIV Mauritius Investment (SCG), Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II hold 92.67 percent stake in the company and the rest is held by public.
Multiple brokerages recommend subscribing to the issue with a long term perspective as valuations could be higher from some perspective. But the business has a strong potential to grow ahead, they said.
Among all insurance initial public offerings (IPOs), State Bank of India's SBI Life commanding a valuation of Rs 70,000 crores is fully subscribed. In an interview to CNBC-TV18, SBI Life's MD & CEO Arijit Basu spoke about the response the IPO has garnered.
The Prataap Snacks initial public offering (IPO) opens for subscription today. In an interview to CNBC-TV18, Amit Kumat, MD & CEO of Prataap Snacks spoke about the latest happenings in his company and sector.
The Rs 400-crore initial public offering of Capacit'e has oversubscribed 183.03 times.
SBI Life Insurance Company's initial share sale offer has received good response from qualified institutional investors on the last day.
The shares would be alloted to 15 anchor investors at Rs 938, which is the upper end of the price band, the company informed to the stock exchanges.
The online matchmaking services provider listed at its issue price of Rs 985, the higher end of price band.
The Reserve Bank of India's guidelines mandated the bank to get itself listed within three years from the commencement of banking operations. The bank started its operation in August 2015.
The public offer comprises sale of up to 195,797,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp, according to the draft red herring prospetus (DRHP).
The company raised Rs 500 crore through the issue that comprised of fresh issue of up to Rs 130 crore and an offer for sale of up to 37.67 lakh equity shares.
While every good thing comes at a price, so is the IPO (initial public offer) of SBI Life. Long term investors should lock in to this offer for a safe journey.
The final issue price is fixed at Rs 985, the higher end of price band.
The company through its merchant bankers informed exchanges that under anchor investors portion in the public issue of SBI Life Insurance Company, 3.18 crore equity shares have been subscribed on Tuesday by 69 anchor investors.
Brokerage houses largely recommend subscribing to the issue, citing healthy valuations and better business prospects.
The IPO by size is expected to be the largest in life insurance space in India and it would be the second life insurance company to list on bourses.
Post-issue, the shareholding of Fairfax will reduce to 9.91 percent from 21.91 percent and ICICI Bank's stake will come down to 55.92 percent, from 62.92 percent.
There were some swings seen in the stock during the morning session, as it fell over a percent in the first few minutes, but has now gained around 4 percent later.
Dixon closed with a premium of 63.73 percent at Rs 2,891.55 on the National Stock Exchange, against issue price of Rs 1,766.
Soon, the stock saw sharp swings, as it fell over a percent in the first few minutes, but has now gained around 4 percent.
Consumer electronics manufacturer Dixon Technologies started off trade at Rs 2,725, up 54 percent over issue price of Rs 1,766.
Dixon Technologies has fixed issue price at Rs 1,766 per share and Bharat Road Network has set it at Rs 205 per share, the higher end of price band.
NIC has also submitted a roadmap to the government and the regulator
The qualified institutional buyer (QIB) category was subscribed 62 per cent, non-institutional investors 4 per cent and retail individual investors 18 per cent.