Canara HSBC Life Insurance fixes price band for ₹2,517 crore IPO — Check details here

Canara HSBC Life Insurance Company ltd. has fixed the price band for its ₹2,517 crore IPO, which opens for subscription on Friday, October 10.

Price band for the IPO has been fixed between ₹100 to ₹106 per share, which will have a face value of ₹10 apiece.

Retail investors can bid for one lot of 140 shares, which will entail a minimum investment of ₹14,840. Investors can then bid in multiples of 140 shares.

35% of the issue has been reserved for retail investors, while 15% is marked for non-institutional HNIs. 50% of the IPO has been fixed for institutional investors.

Canara HSBC Life is a full Offer For Sale (OFS) issue, which means that the company will not be receiving any proceeds from the issue.

Promoters Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and existing investor Punjab National Bank will be selling shares as part of this Offer For Sale.

The issue will close for subscription on Tuesday, October 14.

At the upper end of the price band, the company will have post-issue market capitalization in excess of ₹10,000 crore. Promoter holding, which currently stands at 77%, will fall to 62% post the IPO.

SBI Capital, BNP Paribas, HSBC Securities, JM Financial and Motilal Oswal are the book running lead managers for the IPO.

Allotment of shares will take place on October 15 to eligible investors, while the stock will begin trading next Friday, October 17.