Canara HSBC Life and Canara Robeco IPOs Close with Modest Grey Market Premiums
Two IPOs are closing this week: Canara HSBC Life and Canara Robeco. Canara HSBC Life's Rs 2,517.50 crore IPO closes on October 14, with a price band of Rs 100-106 and a grey market premium of Rs 2. Canara Robeco's Rs 1,326.13 crore IPO ends on October 13, priced at Rs 253-266 with an Rs 8 grey market premium. Both show modest subscription rates: 9% for Canara HSBC Life and 48% for Canara Robeco. Expected listing dates are October 17 and 16, respectively. The companies are joint ventures: Canara HSBC Life between Canara Bank and HSBC Insurance, and Canara Robeco managing the Canara Robeco Mutual Fund.
*this image is generated using AI for illustrative purposes only.
Two initial public offerings (IPOs) are wrapping up their subscription process this week, both showing modest grey market premiums. Let's take a closer look at the details of these offerings from Canara HSBC Life and Canara Robeco.
Canara HSBC Life IPO
Canara HSBC Life's IPO, an offer-for-sale of 23.75 crore shares, is set to conclude on October 14. Here are the key details:
| Aspect | Details |
|---|---|
| Issue Size | Rs 2,517.50 crore |
| Price Band | Rs 100 - Rs 106 |
| Grey Market Premium | Rs 2 per share |
| Potential Listing Price | Rs 108 |
| Premium over Upper Price Band | 1.89% |
| Subscription Status (as of Friday) | 9% |
| Expected Listing Date | October 17 |
Canara Robeco IPO
Canara Robeco's IPO, comprising 4.99 crore shares, is scheduled to close on October 13. Here's a snapshot of the offering:
| Aspect | Details |
|---|---|
| Issue Size | Rs 1,326.13 crore |
| Price Band | Rs 253 - Rs 266 |
| Grey Market Premium | Rs 8 per share |
| Potential Listing Price | Rs 274 |
| Premium over Upper Price Band | 3.01% |
| Subscription Status | 48% |
| Expected Listing Date | October 16 |
Company Backgrounds
Both companies are joint ventures:
- Canara HSBC Life is a partnership between Canara Bank and HSBC Insurance.
- Canara Robeco manages the Canara Robeco Mutual Fund.
The modest grey market premiums for both IPOs suggest cautious investor sentiment. While Canara Robeco's IPO has seen higher subscription rates compared to Canara HSBC Life, both offerings are yet to be fully subscribed as they approach their closing dates.
Investors should note that grey market premiums are unofficial and subject to change. It's crucial to base investment decisions on thorough research and official documents rather than relying solely on grey market trends.
19
