The draft of IPO papers did not mention anything about Max Life merger in any form.
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The IPO received bids for 90,63,94,500 shares against the total issue size of 33,21,000 shares, data available with the NSE till 1930 hours showed.
Once listed, this would be the second life insurer after ICICI Prudential Life Insurance to be listed on the stock exchanges.
SBI Life Insurance is a joint venture between State Bank of India (SBI) with 74 percent stake and BNP Paribas Cardif with the remaining 26 percent.
The bumper listing was on expected lines, given the overwhelming response to public issue and the hefty grey market premium.
AU Small Finance Bank touched an intraday high of Rs 540 and low of Rs 523.70.
SBI Life is expected to raise Rs 7,400-8,500 crore through IPO, which valued it at Rs 65,000-70,000 crore, sources said.
Experts feel the stock price is expected to open over Rs 400, given the overwhelming response to the public issue and indication from the grey market premium that is around Rs 75-80.
The stock had a tepid listing as it opened with a loss of more than 1 percent against issue price of Rs 170 on the National Stock Exchange.
The listing price was on expected lines due to tepid response to its public issue and the grey market also indicated gains of Rs 3-5 on debut.
Khadim will use fresh issue proceeds towards repayment of term loans and working capital facilities and for general corporate purposes.
Experts feel the listing price is likely to be around its issue price, given the tepid response to the public issue and grey market premium of around of Rs 2-4 over the IPO price.
AU Small Finance Bank received a license from the Reserve Bank of India to set up a small finance bank in December 2016 and commenced operations from April this year.
CDSL touched an intraday high of Rs 269.95 (up 81.17 percent) but did not fall below its pre-opening price of Rs 250.
The IPO to raise Rs 1,912 crore received bids for 1,08,56,43,264 shares against the total issue size of 3,76,95,520 shares, data available with the NSE till 1515 hours showed.
According to sources, the grey market premium for the stock is around Rs 90-100, which indicated that the listing may be around Rs 225-250 per share.
The bumper listing was on expected lines as the issue has overwhelming response, oversubscribing 170 times. The grey market premium also indicated the strong listing.
The stock closed at Rs 601.05, down Rs 1.95 (-0.32 percent) on the BSE.
The stock touched a high of Rs 628 (up 4.14 percent) and low of Rs 605.60 in early trade.