SBI Life Insurance wanted to raise Rs. 8400 crore via the Initial Public Offering and the same would be allocated today.
On the 22nd of September, which was also the final day of the issue, it was oversubscribed by 3.58 times.
The IPO from SBI Life is one of the largest to take place in the country in the past seven years. According to a report by Thompson Reuters, companies have been able to raise $4.4 billion since the beginning of the year just by IPO Sales. At the current time, it is 10% more than last year fundraising, which brought in $4 billion.
SBI Life closely follows ICICI Prudential Life Insurance Co. Ltd to be the second insurance company to be on the list of exchanges.
The company had 8.8 million shares on offer. The issue, however, saw bids for 29.5 million shares meaning the issue was oversubscribed by 3.56 times as per data received from the stock exchanges.
Canada Pension Plan Investment board and Singapore investment firm GIC will receive shares worth of Rs 22.26 billion, as per their previous commitments.
To enable more shares for the IPO, major stakeholders State Bank of India and BNP Paribas Cardif dissolved 8 and 4 percent of their stakes respectively.