SBI Life Insurance yesterday saw its shares open at INR733 or at 5% above the IPO price of INR700, and an intra-day high of INR738 and a low of INR702 on the Bombay Stock Exchange.
The insurer's shares closed at INR708 (US$10.80) or 1.1% above its IPO price yesterday. More than 4.9 million shares changed hands on the bourse yesterday.
SBI Life raised $1.3 billion in India's biggest IPO in seven years. The IPO was oversubscribed 3.58 times.
The life insurer is a joint venture between India’s largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), an insurance holding company of France.
SBI Life is the second life insurer to be listed on the stock exchange.