HDFC Standard Life makes smart debut with stock soaring nearly 19% over issue price of Rs 290

New Delhi/Mumbai: HDFC Standard Life Insurance Company made a smart debut on the bourses on Friday, surging nearly 19 percent over the issue price of Rs 290. The company’s stock listed at Rs 311, up 7.24 percent from the issue price on BSE. In intra-day trade, it jumped 27.24 percent to Rs 369. It closed the session at Rs 344.25, up 18.70 percent. On NSE, the stock closed with a sharp gain of 18.82 percent at Rs 344.60.  In terms of equity volume, 214.13 lakh shares of the company were traded on BSE and over 16 crore shares changed hands on NSE during the day. The company’s market valuation stood at Rs 69,158.90 crore at the close of trade. The Rs 8,695-crore IPO of the company was oversubscribed 4.90 times during 7-9 November. The qualified institutional buyers (QIBs) portion was oversubscribed 16.60 times, non-institutional investors 2.29 times and retail investors 94 percent, data available with the NSE showed. Price band for the offer was fixed at Rs 275-290 per share. “There are a lot of insurance players that have come to the market and a lot of money has been raised, now the investors have to be selective about which are the companies they want to invest in, to invest in all five or a couple of them and we hope to be in their invest set or selection set, thats all,” HDFC Standard Life, Managing Director and CEO, Amitabh Chaudhry said at the listing ceremony in Mumbai.