HDFC Standard Life tops exchange turnover, three-fourth shares traded; stock gains 27% on listing

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Published: November 17, 2017 3:32:08 PM

Shares of HDFC Standard Life Insurance led the exchange turnover on the listing day, leaving behind the industry heavyweights such as ICICI Bank, State Bank of India and Reliance Industries.

The shares of HDFC Standard Life Insurance were trading 18.76% higher at Rs 344.4 on BSE. (Image: Wikimedia Commons)

On the first day of trading, followed by the stellar listing gains of over 25%, HDFC Standard Life Insurance Company shares recorded massive trading volumes on Friday. Amid the high demand for the shares of HDFC Standard Life Insurance, the scrip emerged as the volume topper on both BSE and NSE. The shares of HDFC Standard Life Insurance led the exchange turnover also, leaving behind the industry heavyweights such as ICICI Bank, State Bank of India and Reliance Industries. As on 3.25 pm, more than 18.5 crore shares exchanged hands on both BSE and NSE out of about 24.12 crore shares available to trade. The shares of HDFC Standard Life Insurance were trading 18.76% higher at Rs 344.4 on BSE.

HDFC Standard Life shares got a bumper listing on the stock market earlier today morning. The stock advanced as much as 27.24% to hit the listing day high of Rs 369 on BSE and NSE respectively. HDFC Standard Life Insurance recently concluded its IPO (initial public offering), raising a huge amount of Rs 8,695.01 crore at the upper end of the price band of Rs 290. The high profile public offer from HDFC group was subscribed 4.86 times in the three-day bidding process. The stock of HDFC Standard Life added 7.24% to begin at Rs 311 on BSE against the issue price of Rs 290 while it started at Rs 310 on NSE.

The IPO of HDFC Standard Life Insurance being one of the biggest public offers, the issue was managed by a number of underwriters. The global coordinators and book running lead managers of the IPO of HDFC Life Insurance Company are Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India). The book running lead managers are Edelweiss Financial Services, Haitong Securities India, IDFC Bank, IIFL Holdings and UBS Securities India while Karvy Computershare Private Limited is the registrar to the issue.

This year had emerged as a hit for IPO market as more than Rs 65,000 crore has been raised so far, out of which Rs 43,770 crore notably through five big IPOs of 2017. The list includes SBI Life Insurance, ICICI Lombard General Insurance, HDFC Standard Life Insurance, New India Assurance, General Insurance Corporation.

Through the public offer of HDFC Standard Life Insurance, HDFC and Standard Life offloaded 9.52% and 5.4% respectively. HDFC Life IPO was the first offering by HDFC group after 22 years. HDFC Life’s public issued 29.98 crore shares via offer for sale route.

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