Mr. Deepak Parekh, Chairman, HDFC Standard Life Insurance Company Limited and Mr. Amitabh Chaudhry, Managing Director & CEO, HDFC Standard Life Insurance Company Limited, Ms. Vibha Padalkar, CFO and Executive Director, HDFC Standard Life Insurance Company Limited and Mr. Vikram Limaye, MD and CEO, NSE with other dignitaries at the listing ceremony of HDFC Standard Insurance Company Limited held today in Mumbai at the NSE.- By Sachin Murdeshwar / GNS
Mumbai,17 November, 2017 (GNS) :HDFC Standard Life Insurance Co. Ltd’s
shares soared as much as 27 per cent in their trading debut on Friday after its IPO raised $1.3 billion last week, bucking a trend of lacklustre market debuts by Indian insurers on valuation worries.Post Listing HDFC Life shares were trading at Rs 341.45
compared to the IPO issue price of Rs 290. The gains were aided by an upgrade of India’s sovereign bond rating by Moody’s, which lifted the BSE index up 1.14 per cent.India has seen a record year for IPOs with initial share sales topping $11 billion so far in 2017. But high valuations, especially for some recent big insurers, have led to weak trading debuts.
HDFC Life’s IPO was the fourth billion-dollar plus IPO this year.HDFC Life was priced at 4.7 times its 2017/18 embedded value versus SBI Life’s 3.9 times and ICICI Prudential’s 3.4 times, brokerage Centrum said in a pre-IPO note.
HDFC Life’s two main shareholders – Housing Development Finance Corp and Standard Life – sold a combined 15 per cent stake in the insurer’s IPO which was subscribed nearly five times.ENDS