HDFC Life IPO opens for subscription today
HDFC Life
HDFC Standard Life Insurance Company?s Initial Public Offer or IPO will open on Tuesday. Ahead of its opening, the company raised Rs 2,322 crore from anchor investors, it said in a statement on Monday.
HDFC Standard Life Insurance Company’s Initial Public Offer or IPO will open on Tuesday. Ahead of its opening, the companyraised Rs 2,322 crore from anchor investors, it said in a statement on Monday.
The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius.
Singapore's sovereign wealth fund Temasek, Norwegian fund Norges, Kuwait Investment, T Rowe Price, Fidelity, Blackrock and JP Morgan are among the anchor investors, according to a regulatory filing.
The shares have been allocated at the upper price band of Rs 290 apiece.
The company's executive committee and the promoter selling shareholders in consultation with the manager to the offer have finalised allocation of 80,068,600 shares to anchor investors, the filing submitted to the NSE said.
Price band for the offer has been fixed at Rs 275-290 per share.
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At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.