Canara HSBC Life Insurance IPO: A Spotlight on India's Insurance Sector

The initial public offering (IPO) of Canara HSBC Life Insurance Company saw a 27% subscription rate by the end of the second bidding day on Monday, according to the National Stock Exchange (NSE) data.

The IPO attracted bids for 4,44,01,280 shares out of the 16,67,15,000 shares available. Qualified Institutional Buyers (QIBs) showed a stronger interest, with a 32% subscription, while Retail Individual Investors (RIIs) matched the overall subscription rate of 27% and non-institutional investors at 14%. The company revealed that over Rs 750 crore had been secured from anchor investors.

With a Rs 2,517-crore public offering that closes on Tuesday, Canara HSBC Life Insurance aims to reach a valuation near Rs 10,000 crore, setting its share price band between Rs 100 and Rs 106. A joint venture backed by Canara Bank and HSBC Group, the IPO marks an offer for sale of 23.75 crore equity shares, with the firm expecting to debut on the stock market on October 17.