Mumbai: The initial public offering of HDFC Standard Life Insurance Co. Ltd was subscribed 4.88 times on Thursday, the final day of the public offering, on the back of an oversubscription in the institutional and high net-worth individuals (HNI) portions of the share sale, according to data from stock exchanges.

As of 6pm, the portion of shares reserved for institutional investors was subscribed 16.6 times, while those for high net-worth individuals and retail investors were subscribed 2.29 times and 88%, respectively.

HDFC Standard Life had set a price band of Rs275-290 per share for the IPO.

The IPO, a pure offer for sale, will see the two promoters of the life insurer—Housing Development Finance Corp. (HDFC) and Standard Life—sell 299.82 million shares, fetching Rs8,695 crore. At the upper end of the price band, HDFC Standard Life Insurance is valued at Rs58,277 crore.n In fiscal 2017, HDFC Standard Life’s new business premium grew 34% from the previous year to Rs8,696.3 crore. As on 30 September, the firm had assets under management of Rs99,530 crore. The IPO will see a dilution of 14.92% stake.

The HDFC Standard Life share sale has witnessed the most subscription among all the five insurance IPOs to hit the primary market this year.

Insurance companies ICICI Lombard General Insurance Co. Ltd, SBI Life Insurance Co. Ltd, state-owned General Insurance Corp. of India Ltd (GIC Re) and New India Assurance Co. Ltd (NIA) went public ahead of HDFC Standard Life, earlier this year.

The IPO of SBI Life Insurance was subscribed 3.57 times, while those of ICICI Lombard General Insurance, GIC Re and NIA were subscribed 2.97, 1.35 and 1.19 times, respectively.

The HDFC Standard Life IPO is the third largest this year after GIC Re’s Rs11,372 crore and NIA’s Rs9,600 crore share sales.

Last year, ICICI Prudential Life Insurance Co. Ltd became the first insurance company in the country to launch an initial public offering.

On Monday, as part of its anchor book allocation, HDFC Standard Life allotted shares worth Rs2,322 crore to institutional investors including sovereign wealth funds of the Singapore government, Abu Dhabi Investment Authority and Norwegian sovereign wealth fund Norges. Other institutions that participated in the anchor book allocation included foreign investors such as T Rowe Price, Capital Group, Fidelity and Blackrock.

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