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India's HDFC Life shares rise in trading debut after $1.3 bln IPO
November 17, 2017 / 4:41 AM / in a month

India's HDFC Life shares rise in trading debut after $1.3 bln IPO

MUMBAI, Nov 17 (Reuters) - Shares in HDFC Standard Life Insurance Co. Ltd rose as much as 8.3 percent in their market debut on Friday after the insurer’s initial public offering raised $1.3 billion last week.

By 0432 GMT, HDFC Life shares were trading at 312.60 rupees, 7.8 percent higher than the IPO issue price of 290 rupees.

The main Mumbai market index was also up 1.14 percent after Moody’s upgraded India’s sovereign bond rating.

HDFC Life’s IPO was subscribed nearly five times. ($1 = 64.7975 Indian rupees) (Reporting by Devidutta Tripathy and Swati Bhat; Editing by Muralikumar Anantharaman)

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