Canara HSBC Life shares end over 5 pc higher

Shares of Canara HSBC Life Insurance Company Ltd on Friday made a flat market debut at par with the issue price of Rs 106, but later bounced back and ended over 5 per cent higher.

The stock listed at Rs 106 on both the BSE and NSE.

Later, it jumped 6.36 per cent to Rs 112.75 during the day on the BSE. Shares of the firm finally ended at Rs 111.50, up 5.18 per cent.

At the NSE, the stock ended at Rs 111.42, registering a jump of 5.11 per cent.

The company's market valuation stood at Rs 10,592.50 crore.

The initial public offer of Canara HSBC Life Insurance Company Ltd received 2.29 times subscription on the final day of bidding on Tuesday.

The Rs 2,517-crore IPO had a price band of Rs 100-106 per share.

Canara HSBC Life Insurance Company is a joint venture promoted by Canara Bank and HSBC Group's HSBC Insurance (Asia Pacific) Holdings.

The IPO was a complete offer for sale (OFS) of 23.75 crore equity shares by promoters and an investor.

Incorporated in 2007, Canara HSBC Life has grown into a prominent bank-led private player in the Indian life insurance sector.