India’s Canara HSBC Life Insurance successfully closed its $283 million IPO, fully subscribed on the third day of bidding, led by strong demand from institutional investors.
Key highlights:
- Bids worth ₹18.97 billion ($213.7M) received for 178.9M shares, above the 166.7M shares on offer
- Anchor investors including Societe Generale, ICICI Prudential AMC, and HDFC Mutual Fund raised ₹7.5 billion in advance
- IPO values Canara HSBC Life at up to ₹100.7 billion ($1.14B) at the top of the price band
- Retail subscription remained subdued at 0.35x, while qualified institutional buyers bid nearly three times their quota
The offering was an offer for sale, with selling shareholders Canara Bank, HSBC Insurance (Asia-Pacific), and Punjab National Bank divesting their stakes.
This IPO comes amid a record year for India’s primary market, following oversubscribed listings like Tata Capital and LG Electronics India. 2025 is on track to surpass last year’s $20.5B fundraise.