HDFC Standard Life Insurance Company stocks rallied to 27% over issue price of Rs 290 per share on Friday, driven by positive market conditions and good subscription.
The stock touched an intraday high of Rs 369 after listing at Rs 313 on the NSE.
Stock of HDFC Standard Life Insurance Company listed today with an over 7% premium against its issue price of Rs 290.
The stock debuted at Rs 311, up 7.24 per cent from the issue price on the BSE. It later soared 27.24% to Rs 369.
At the NSE, it listed at Rs 310, reflecting a gain of 6.89%. The company’s market valuation stood at Rs 69,671.19 crore. The Rs 8,695-crore IPO of the company was oversubscribed 4.90 times during November 7-9.
The qualified institutional buyers (QIBs) portion was oversubscribed 16.60 times, non-institutional investors 2.29 times and retail investors 94 per cent, data available with the NSE showed.
Price band for the offer was fixed at Rs 275-290 per share.