The stock hit an intra-day high of Rs 391, rallied 35% against its issue price of Rs 290 per share.
Retail investors have missed the rally in HDFC Standard Life Insurance Company as the stock rallied 35% against its issue price.
The stock of the insurance company hit an intra-day high of Rs 391, its highest level since listing on Friday, November 17, 2017. It rallied 35% against its issue price of Rs 290 per share. HDFC Standard Life Insurance Company had raised Rs 8,700 crore through initial public offer (IPO).
The retail portion of the IPO was under-subscribed with the category receiving bids for 87.5 million shares against the issue size of 93.41 million shares. Retail investors had turned cautious on the IPOs of the sector after weak post-listing performance of most companies in the segment.
The non-institutional investors (NIIs) or high networth individuals (HNI) category saw 2.3 times demand. Demand from institutional investors was high at 16.6 times the shares on offer. Overall, the IPO was subscribed 4.9 times.
On November 17, 2017, The MTBJ AC Nomura India Investment Fund purchased 19.26 million shares of HDFC Standard Life Insurance Company for Rs 626 crore. The FII had bought the shares at a price of Rs 325.13 per share, the bulk deal data shows.
At 11:31 AM; the stock was trading 9% higher at Rs 387 on the BSE, as compared to 0.53% rise in the S&P BSE Sensex. A combined 17.28 million shares changed hands on the counter on the NSE and BSE so far.
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