Muted Opening: Canara HSBC Life's IPO Sees Lukewarm Investor Response

The initial share sale of Canara HSBC Life Insurance experienced a lukewarm reception as only 6% of the stock was subscribed on the opening day. The company's public offering attracted bids for 92,46,020 of the 16,67,15,000 shares available by midday Friday, as reported on the National Stock Exchange (NSE).

Notably, interest from retail individual investors reached just 9%, while non-institutional investors accounted for 3% of the bids. Meanwhile, the segment reserved for qualified institutional buyers saw no activity on the first day.

The Rs 2,516-crore IPO, which caps its price per share between Rs 100 and Rs 106, will close on October 14. The offering is a complete offer for sale from the joint venture's major stakeholders, including Canara Bank and HSBC Group's Asia-Pacific division, selling a total of 23.75 crore shares.

(With inputs from agencies.)