Canara HSBC Life Insurance Company collects Rs 750 crore from 33 anchor investors; ICICI Prudential and HDFC Mutual Fund among top investors

Canara HSBC Life Insurance Company has allotted 7,07,85,000 equity shares to ‘anchor investors’, of which 4,26,93,840 equity shares (i.e. 60.31% of the total allocation to anchor investors) were allotted to eight domestic mutual funds, applying through a total of 18 schemes.

The company raised Rs 750.32 crore from anchor investors by allotting shares at the higher end of the price band – Rs 106 per share, including an issue premium of Rs 96 per share on a face value of Rs 10 per share.

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The eight domestic mutual funds that participated in the IPO of Canara HSBC Life Insurance Company were ICICI Prudential Mutual Fund, HDFC Mutual Fund, Quant Mutual Fund, Mirae Asset Mutual Fund, DSP Mutual Fund, WhiteOak Capital Mutual Fund, Motilal Oswal Mutual Fund and Tata Mutual Fund.

ICICI Prudential Mutual Fund is implemented through five schemes namely ICICI Prudential Quality Fund, ICICI Prudential ELSS Tax Saver Fund, ICICI Prudential Exports and Services Fund, ICICI Prudential Banking and Financial Services Fund and ICICI Prudential Innovation Fund.

Quant Mutual Fund has applied for shares through the Quant BFSI Fund. HDFC Mutual Fund applied through three schemes. Other anchor investors in Canara HSBC Life Insurance Company’s IPO included ICICI Prudential Life Insurance Company, Oxbow India Fund and Ashoka WhiteOak ICAV – Ashoka WhiteOak India Opportunities Fund. Among the 18 schemes, HDFC Trustee Company A/C HDFC Balanced Advantage Fund had the highest percentage of anchor investor portion of around 7.47%. Retail investors can bid for the IPO of Canara HSBC Life Insurance Company with a minimum of 140 shares and in multiples thereafter. The bid opened on October 10 and closes on October 14.

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SBI Capital Markets Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are the lead managers of the Offering (the “BRLMs”).