SBI Life Insurance Company Limited IPO gets subscription of 3.58 times

The Initial Public Offering of SBI Life Insurance Company Limited received subscription of 3.58 times. The issue got bids for 315592074 equity shares against the offer of 88200000 equity shares.

The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 266306943 equity shares against the offer of 21200000 equity shares resulting in a subscription of 12.56 times.

The Non Institutional Investors portion of the issue undersubscribed with bids for just 11104422 equity shares against the offer of 15900000 equity shares resulting in a subscritpion of 0.70 times.

The Retail Individual Investors(RIIs) portion of the issue also received lukewarm response with bids for 0.85 times with subscription for 31583412 equity shares against the offer of 37100000 equity shares.

The Employees portion of the issue received subscription of 1.03 times with bids for 2058336 equity shares against the offer of 2000000 equity shares.

The Shareholders portion of the issue received bids for 4538961 equity shares against the offer of 12000000 equity shares resultin in a subscription of 0.38 times.

The company came out with a Public Offer of upto 120,000,000 Equity Shares (including anchor portion of 31,800,000 Equity Shares) through 100% Book Building process at a price band of Rs 685 to Rs 700. The company also offered a discount of Rs. 68 per Equity Share to Eligible Employees bidding in the Employee Reservation Portion.

The issue opened for subscription on September 20, 2017 and closed on September 22, 2017.

Source : Equity Bulls

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