SBI Life Insurance Company on Tuesday made its debut on the BSE at ₹733.30, a premium of 4.75 per cent over its issue price of ₹700, and at ₹735 on the NSE, a premium of 5 per cent.
Shares of SBI Life Insurance Company gained further momentum to a high of ₹738, but closed at ₹708, a gain of just 1.14 per cent on the BSE, over the IPO price. On the NSE, it closed with a gain of 1.08 per cent at ₹707.55.
A little over four crore shares changed hands on the BSE and the NSE. The ₹8,400-crore initial public offer was subscribed 3.58 times.
Ahead of the IPO, SBI Life Insurance had allotted 3.18 crore shares worth ₹2,226 crore to 69 anchor investors.
The entire IPO comprises of an offer-for-sale by State Bank of India and BNP Paribas. SBI sold shares worth ₹5,600 crore in the IPO and BNP offloaded ₹2,800-crore worth shares. Following the IPO, the promoter holding in SBI Life will drop to 84 per cent from 96 per cent.
SBI Life is a joint venture between SBI and BNP Paribas Cardif, the insurance holding company of France.