Canara HSBC Life Insurance IPO Price Band Announced – Key Details You Should Know

The upcoming initial public offering of Canara HSBC Life Insurance Company Limited has generated significant market attention as the insurer gears up to launch its ₹2,517 crore issue. 

The IPO is entirely a Offer for Sale (OFS), meaning the company itself will not receive any proceeds from the offer. Instead, the sale involves shares held by existing promoters and investors.

IPO Price Band and Subscription Dates

The company has set the price band for its IPO between ₹100 and ₹106 per share, with a face value of ₹10 each. The issue opens for public subscription on Friday, October 10, and will remain available until Tuesday, October 14. Investors can bid for a minimum lot of 140 shares, amounting to a base investment of ₹14,840, and thereafter in multiples of 140 shares.

Issue Structure and Share Allocation

The ₹2,517 crore IPO will see shares offered by promoters Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and Punjab National Bank. The allocation pattern follows standard norms, with 50% of the issue reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (HNIs), and 35% for retail investors. This balanced allocation provides ample opportunity across investor categories.

Post-Issue Shareholding and Valuation

At the upper price band of ₹106 per share, the company’s market capitalisation is expected to exceed ₹10,000 crore post-listing. The promoter shareholding, currently at 77%, will reduce to approximately 62% following the issue. The structure indicates a strategic move towards widening the company’s public shareholding base while maintaining promoter control.

Key Dates and Lead Managers

The share allotment for eligible investors will take place on October 15, followed by the listing of shares on October 17. The IPO is being managed by leading investment banks, including SBI Capital Markets, BNP Paribas, HSBC Securities, JM Financial, and Motilal Oswal Financial Services, acting as the book-running lead managers.

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Conclusion

The Canara HSBC Life Insurance IPO stands as one of the notable offerings in the financial sector this quarter. With its established presence in life insurance and a strong parentage, the listing is expected to expand the company’s investor base and enhance visibility in the public markets. Investors now await the subscription opening to assess the response and subsequent listing performance.

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