The stock was listed at ₹106 per share, the same as its issue price, on both the NSE and BSE. The last reported grey market premium (GMP) for the IPO stood at ₹3 today.
The company's initial public offering (IPO) was fully subscribed by the third day of bidding, driven by strong demand from institutional investors.
Overall, the issue was subscribed 2.30 times, with the retail category seeing 0.42 times subscription, the Qualified Institutional Buyers (QIB) category (excluding anchor investors) 7.05 times, and the Non-Institutional Investors (NII) category 0.33 times as of October 14.
The IPO, a book-built offer worth ₹2,517.50 crore, was structured entirely as an offer-for-sale (OFS) of 23.75 crore shares, meaning the company will not receive any proceeds from the issue.
Shares were sold by promoters Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and existing investor Punjab National Bank.
Bidding for the issue was open from October 10 to October 14, with a price band of ₹100-₹106 per share. The minimum lot size for retail investors was 140 shares, requiring an investment of ₹14,840 at the upper price band.
Post-IPO, the promoter holding will decrease from 77% to 62%.
The book running lead managers for the IPO are SBI Capital, BNP Paribas, HSBC Securities, JM Financial, and Motilal Oswal.