Mumbai: The initial public offering (IPO) of SBI Life Insurance Co. Ltd was subscribed 58% on Thursday, the second day of the share sale, according to data from the stock exchanges.

As of 5pm, the portions reserved for institutional investors and retail investors were subscribed 1.58 times and 0.37 times, respectively. The portion of shares reserved for high net worth investors was subscribed only 8%.

The Rs8,400 crore IPO will close on 22 September.

The company has priced its shares in 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 is a pure offer for sale with SBI selling 8% stake and BNP Paribas selling 4%. SBI and BNP Paribas will end up with 62.1% and 22%, respectively in the firm after the IPO.

Founded in 2001, SBI Life Insurance is a joint venture between India’s largest lender State Bank of India 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 had 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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