The Rs8,400 crore initial public offering (IPO) of SBI Life Insurance Co. Ltd was subscribed 3.57 times on Friday, the final day of the share sale, according to data from the stock exchanges.

As of 7pm, the portions reserved for institutional and retail investors were subscribed 12.56 times and 0.84 times, respectively. The portion set aside for high-net-worth investors saw 70% subscription.

The IPO has a price band of Rs685-700 per share. At the upper end of this price band, the initial share sale values the firm at Rs70,000 crore.

The IPO was a pure offer for sale, with State Bank of India (SBI) selling an 8% stake and BNP Paribas selling 4%. SBI and BNP Paribas will end up with stakes of 62.1% and 22%, respectively, in the firm after the IPO.

On Tuesday, the insurer sold shares worth Rs2,226 crore to 69 institutional investors as part of its anchor book allocation. The anchor book allocation saw participation from large investors such as Canada Pension Plan Investment Board, Canada’s largest pension fund manager, and sovereign wealth fund Abu Dhabi Investment Authority.

The anchor book is that portion of an IPO that bankers can allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before the launch of an IPO and acts as an indicator of institutional investor interest.

Founded in 2001, SBI Life Insurance is a joint venture between India’s largest lender, SBI, and BNP Paribas Cardif.

As of 30 June, it had a portfolio of 37 individual and group products, including a range of protection and savings products to address the insurance needs of diverse customer segments.

SBI Life Insurance is the second Indian life insurer to go public. Last year, ICICI Prudential Life Insurance Co. Ltd raised Rs6,000 crore in its initial share sale. ICICI Bank sold a 12.63% stake through the IPO, which valued the life insurer at about Rs48,000 crore, Mint reported.

Until August this year, 17 companies had raised a total of Rs14,185.12 crore through IPOs, data from primary market tracker Prime Database shows.

Earlier this week, general insurance firm ICICI Lombard General Insurance Co. Ltd went public, the second insurance company from the ICICI group to do so. The insurer raised Rs5,700 crore and the issue was subscribed 2.97 times on the final day of its subscription.

In 2016, the Indian primary market saw 26 companies raise Rs26,493.8 crore through the IPO route, data shows.

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