Canara HSBC Life Insurance share price: Stock lists at par with IPO issue price on NSE, BSE

On the BSE also, the stock started trading at the same level as issue price of ₹106.

Canara HSBC Life Insurance share price: Here's how much investors made

The ₹2,517.50 crore was subscribed 2.29 times, with bids for 38,21,62,200 shares compared to 16,67,15,000 shares on offer, according to NSE data.

The qualified institutional buyers, or QIBs, category secured 7.05 times subscription. The part reserved for retail investors got subscribed 42%, and non-institutional investors got 33% subscription.

The IPO was exclusively a complete offer for sale (OFS) of 23.75 crore equity shares by promoters - Canara Bank and HSBC Insurance (Asia-Pacific) Holdings - and an investor, Punjab National Bank. It had set a price band of ₹100 to ₹106 per share.

Since it was only an OFS, the company will not receive any proceeds from the public issue. The funds will go to selling shareholders.

"Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity and a public market for the equity shares in India," the life insurer said in its red herring prospectus (RHP).

Before the IPO, the company collected ₹750.32 crore from anchor investors, including ICICI Prudential Mutual Fund (MF), DSP MF, WhiteOak Capital, Mirae Asset MF, HDFC MF, Amundi Funds, Matthews India Fund, Tata MF, Motilal Oswal MF, Allianz Global Investors Fund and Societe Generale

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