Canara HSBC Life IPO, Oct. 14 -- The initial public offering (IPO) of Canara HSBC Life sailed through on the final day of the bidding on Tuesday, October 14, led by institutional demand.

The issue had opened for bidding on Friday, October 10.

The demand was tepid in the first two days of bidding. However, by the end of the final day, Canara HSBC Life IPO received bids for 38,21,60,660 shares as against 16,67,15,000 shares on offer, translating into 2.29 times bids.

The qualified institutional buyers (QIBs) had a big role to play as their portion was subscribed 7.05 times, while non-institutional investor (NII) and retail quotas remained undersubscribed.

The NII segment received just 33% bids, and the retail portion 42%. The employee q...