SBI Life Insurance Company IPO subscribed by 3%

SBI Life Insurance Company IPO issue got subscribed by 0.03x as of 1200 hours. The total size of the issue stands at 8,82,00,000 shares. It received total bids for 22,22,787 shares, while the total bids received at cut-off price stood at 18,77,736 shares.
 
SBI Life Insurance Company had raised Rs 2,226 crore by allotting 3.18 crore shares to 69 anchor investors on Tuesday post market hours.

The objectives of the offer are to achieve the benefits of listing equity shares on the stock exchanges and to carry out the sale of up to 12 crore equity shares by the promoter selling shareholders. The listing of equity shares will enhance the “SBI Life” brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for Equity Shares in India. The company will not receive any proceeds from the offer.
 
JM Financial Institutional Securities Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited are among the book running lead managers for the IPO.





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