SBI Life Insurance IPO oversubscribed

Mumbai: The initial public offering (IPO) of SBI Life Insurance was oversubscribed by 3.57 times on the final day of offering.

On Friday at 7 p.m. the IPO attracted over 3.5 times the allocated limit.

At upper end of the price band, the IPO attracted subscription of close to Rs 25,000 crore (inclusive of anchor portion of Rs 2,226 crore)

The Rs 8,400 crore IPO had an issue price band of Rs 685-700 per share of Rs 10 each. The issue comprises of offer for sale up to eight crore shares by joint venture partners State Bank of India (SBI) and four crore by BNP Paribas Cardif S.A.