HDFC Standard Life stock soars nearly 19% in debut trade

New Delhi: HDFC Standard Life Insurance Company made a smart debut on the bourses today, surging nearly 19 per cent over the issue price of Rs 290.

The company's stock listed at Rs 311, up 7.24 per cent from the issue price on BSE. In intra-day trade, it jumped 27.24 per cent to Rs 369. It closed the session at Rs 344.25, up 18.70 per cent.

On HDFC, the stock closed with a sharp gain of 18.82 per cent at Rs 344.60.

In terms of equity volume, 214.13 lakh shares of the company were traded on BSE and over 16 crore shares changed hands on NSE during the day.

The company's market valuation stood at Rs 69,158.90 crore at the close of trade.

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.

"There are a lot of insurance players that have come to the market and a lot of money has been raised, now the investors have to be selective about which are the companies they want to invest in, to invest in all five or a couple of them and we hope to be in their invest set or selection set, thats all," HDFC Standard Life, Managing Director and CEO, Amitabh Chaudhry said at the listing ceremony in Mumbai.