HDFC Life IPO oversubscribed

HDFC Standard Life Insurance Company’s Rs 8,700-crore initial public offering (IPO was subscribed five times on the last day of the offering. The IPO saw bids worth Rs 30,827 crore, of which more than 80 %came from qualified institutional buyers (QIBs). The institutional investor category saw 16 times more demand than shares on offer. Analysts say companies in this space are a play on higher penetration of insurance products amid rising share of financial assets in household savings. Insurance in India is deeply under-penetrated currently. But, these benefits will only accrue in the long term.