Oct 17 (Reuters) – India’s Canara HSBC Life Insurance (CANR.NS), opens new tab listed at its issue price of 106 rupees on Friday, in a sign of a weak debut for the Canara Bank-promoted entity in a busy IPO market.
The company, a joint venture between Canara Bank (CNBK.NS), opens new tab and HSBC Insurance (Asia-Pacific) Holdings, had struggled to garner bids from retail and non-institutional investors earlier this week.
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High dependence on promoter Canara Bank for new business premiums, unattractive valuations and a crowded IPO market clouded the insurer’s prospects, analysts said.
Reporting by Vivek Kumar M; Editing by Sumana Nandy
India’s Canara HSBC Life Insurance lists at issue price in tepid debut
