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“Canara HSBC Life Insurance Company Ltd IPO – What Investors Must Know”
In this article we deep-dive into the IPO of Canara HSBC Life Insurance Company Ltd, a life-insurance joint venture between Canara Bank and HSBC Insurance (Asia-Pacific). We cover the company background, product portfolio, distribution model, the fully offer-for-sale (OFS) IPO structure, key dates and price band, valuation, subscription trends and what this listing means for investors.
Written by: SERNET Research Team
Table of Content
Canara HSBC Life Insurance Company Ltd
Canara HSBC Life Insurance Company Ltd, is the insurance joint venture between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings. The company offers pure life and endowment products to its individual as well as to group customers. In addition, the company also offers retirement and pension products as well as offers government schemes like the PMJJBY. The distribution of its insurance products is done through brokers, corporate agents, direct sales agents, digital platforms, and the bancassurance channel.
The IPO is entirely an offer for sale (OFS), wherein, Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and PNB will selling shares. The IPO will be lead-managed by SBI Capital Markets, BNP Paribas, HSBC Securities, JM Financial, and Motilal Oswal Investment Advisors; while KFIN Technologies Ltd (KFINTECH) will be the registrar. The company is headquartered at New Delhi. Being an offer for sale, no fresh funds will come into the company, and will only result in resetting of ownership for listing, through a wider investor base.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Canara HSBC Life Insurance Company Ltd.
- The IPO of will be open from October 10th, 2025 to October 14th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹100 to ₹106 per share.
- The IPO of Canara HSBC Life Insurance Company Ltd will be entirely an offer for sale (OFS) by Canara Bank and Orix Corporation, with no fresh issue component.
- The OFS of the IPO comprises the sale of 23,75,00,000 shares (2,375.00 lakh shares), which at the upper price band of ₹106 per share translates into ₹2,517.50 crore.
- Since there is no fresh issue, the OFS size will also be the overall IPO size. Hence, the overall IPO will also comprise of the offer for sale (OFS) of 23,75,00,000 shares (2,375.00 lakh shares) worth ₹2,517.50 crore at the upper band price of ₹106 per share.
Post the IPO, the shares of Canara HSBC Life Insurance Company Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Canara HSBC Life Insurance Company Ltd
| Event | Tentative Date |
| IPO Open Date | Friday, 10 October, 2025 |
| IPO Close Date | Tuesday, 14 October, 2025 |
| Basis of Allotment | Wednesday, 15 October, 2025 |
| Initiation of Refunds to non-allottees | Thursday, 16 October, 2025 |
| Credit of Shares to Demat | Thursday, 16 October, 2025 |
| Listing Date on NSE and BSE | Friday, 17 October, 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | 15,50,000 shares | 0.65% of total IPO size |
| Anchor Allocation | 7,07,85,000 shares | 29.80% of total IPO size |
| QIB Shares Offered | 4,71,90,000 shares | 19.87% of total IPO size |
| NII (HNI) Shares Offered | 3,53,92,500 shares | 14.90% of total IPO size |
| Retail Shares Offered | 8,25,82,500 shares | 34.77% of total IPO size |
| Total Shares Offered | 23,75,00,000 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Canara HSBC Life Insurance Company Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 140 | ₹ 14,840 |
| Retail (Max) | 13 | 1,820 | ₹ 1,92,920 |
| S-HNI (Min) | 14 | 1,960 | ₹ 2,07,760 |
| S-HNI (Max) | 67 | 9,380 | ₹ 9,94,280 |
| B-HNI (Min) | 68 | 9,520 | ₹ 10,09,120 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 140 shares)
Financial Highlights
The table captures the key financials of Canara HSBC Life Insurance Company Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 10,626.40 | 11,755.72 | 8,354.49 |
| Sales Growth (%) | -9.61% | 40.71% | |
| Profit after Tax (₹ in crore) | 177.72 | 181.93 | 158.47 |
| PAT Margins (%) | 1.67% | 1.55% | 1.90% |
| Total Equity (₹ in crore) | 1,374.67 | 1,570.33 | 1,365.34 |
| Total Assets (₹ in crore) | 41,852.09 | 37,815.80 | 30,548.89 |
| Return on Equity (%) | 12.93% | 11.59% | 11.61% |
| Return on Assets (%) | 0.42% | 0.48% | 0.52% |
| Asset Turnover Ratio (X) | 0.25 | 0.31 | 0.27 |
| Earnings per share (₹) | 1.23 | 1.19 | 0.96 |
IPO REPORTS BASKET
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Valuation Metrics
At the current issue price of ₹106 per share, the valuation of the company is at a P/E ratio of 86.2X in terms of latest year EPS of ₹1.23. However, life insurance is a high potential business in India with substantial opportunity to scale up at lower costs through the digital and legacy channels. It has certain advantages like an existing bancassurance channel of Canara Bank, as well as an omni-channel approach to marketing its products.
The company has been among the more profitable life insurers in India and its NBP has been picking up steam gradually. Investors looking at the IPO need to look at the stock more as a proxy for the Indian life insurance opportunity than on pure financials. A long-term approach would serve investors well in this IPO.
A Brief on the Anchor Allocation
The anchor issue of Canara HSBC Life Insurance Company Ltd saw a strong response on 09th October 2025 with 29.80% of the IPO size absorbed by anchors. Out of 23,75,00,000 shares (2,375.00 lakh shares) on offer in the IPO, anchors picked up 7,07,85,000 shares (707.85 lakh shares) accounting for 29.80% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹106 per share. This includes the face value of ₹10 per share plus a share premium of ₹96 per share. The anchor bidding process opened and closed on 09th October 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Canara HSBC Life Insurance Company Ltd
| Bid Date | October 09, 2025 |
| Shares Offered | 7,07,85,000 shares |
| Anchor Portion Size (₹ in crore) | ₹750.32 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | November 14, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 13, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 09th October 2025, Canara HSBC Life Insurance Company Ltd allotted 7,07,85,000 shares to 33 anchor investors. The allocation was done at the upper IPO price band of ₹106 per share which resulted in overall anchor allocation of ₹750.32 crore. The anchors have already absorbed 29.80% of the total issue size of ₹2,517.50 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹417.12 crores, or, 55.59% of the overall anchor allocation.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | HDFC Balanced Advantage Fund | 52,85,980 | 7.47% | ₹ 56.03 |
| 02 | ICICI Prudential Banking Fund | 46,02,920 | 6.50% | ₹ 48.79 |
| 03 | ICICI Prudential Innovation Fund | 46,02,920 | 6.50% | ₹ 48.79 |
| 04 | Mirae ELSS Tax Saver Fund | 42,03,220 | 5.94% | ₹ 44.55 |
| 05 | HDFC Value Fund | 35,24,080 | 4.98% | ₹ 37.36 |
| 06 | HDFC Multi-Cap Fund | 35,24,080 | 4.98% | ₹ 37.36 |
| 07 | Allianz Global India Equity Fund | 35,11,480 | 4.96% | ₹ 37.22 |
| 08 | Pictet Indian Equities | 35,11,480 | 4.96% | ₹ 37.22 |
| 09 | Ashoka Whiteoak India Opps Fund | 33,05,260 | 4.67% | ₹ 35.04 |
| 10 | PSPIB – IIFL AMC | 32,79,360 | 4.63% | ₹ 34.76 |
| Grand Total | 3,93,50,780 | 55.59% | ₹ 417.12 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 7,07,85,000 shares allocated to the anchors in the IPO, there were a total of 4,26,93,840 shares allocated to mutual funds registered with SEBI. The allocation was made to 18 mutual fund schemes across 8 AMCs. Mutual funds accounted for 60.31% of the total anchor allocation of the IPO. Global FPIs, sovereign funds, and insurance companies were very active in participating in the anchor allocation of Canara HSBC Life Insurance Company Ltd.
Next Step in the IPO
Post the closure of the IPO subscription on 14th October 2025, the basis of allotment will be finalized on 15th October 2025 and the refunds will be initiated on 16th October 2025. In addition, the demat credits are expected to also happen on 16th October 2025 and the stock will list on 17th October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th October 2025 under ISIN (INE01TY01017).
IPO Subscription Status On Day-1
As of 5.20 pm on 10th October 2025, out of the 1,667.15 lakh shares on offer in the IPO (excluding anchor portion), Canara HSBC Life Insurance Company Ltd saw bids for 151.37 lakh shares. This implies an overall subscription of 0.09X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Canara HSBC Life Insurance Company Ltd was as under:
| Employees (0.47x.) | QIBs (0.03X) | HNI / NII (0.05X) | Retail (0.14X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 7,07,85,000 | 7,07,85,000 | 750.32 |
| Employee Quota | 0.47 | 15,50,000 | 7,31,080 | 7.75 |
| QIB Investors | 0.03 | 4,71,90,000 | 12,65,040 | 13.41 |
| HNIs / NIIs | 0.05 | 3,53,92,500 | 17,22,000 | 18.25 |
| Retail Investors | 0.14 | 8,25,82,500 | 1,14,18,580 | 121.04 |
| Total | 0.09 | 16,67,15,000 | 1,51,36,700 | 160.45 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to October 14, 2025, at which point we will know the final subscription status of the IPO.
IPO Subscription Status On Day-2
As of 5.20 pm on 13th October 2025, out of the 1,667.15 lakh shares on offer in the IPO (excluding anchor portion), Canara HSBC Life Insurance Company Ltd saw bids for 444.01 lakh shares. This implies an overall subscription of 0.27X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Canara HSBC Life Insurance Company Ltd was as under:
| Employees (1.17x.) | QIBs (0.32X) | HNI / NII (0.14X) | Retail (0.27X) |
The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 7,07,85,000 | 7,07,85,000 | 750.32 |
| Employee Quota | 1.17 | 15,50,000 | 18,06,700 | 19.15 |
| QIB Investors | 0.32 | 4,71,90,000 | 1,51,46,320 | 160.55 |
| HNIs / NIIs | 0.14 | 3,53,92,500 | 49,42,140 | 52.39 |
| Retail Investors | 0.27 | 8,25,82,500 | 2,25,06,120 | 238.56 |
| Total | 0.27 | 16,67,15,000 | 4,44,01,280 | 470.65 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to October 14, 2025, at which point we will know the final subscription status of the IPO.
IPO Subscription Status On Day-3
As of 7.20 pm on 14th October 2025, out of the 1,667.15 lakh shares on offer in the IPO (excluding anchor portion), Canara HSBC Life Insurance Company Ltd saw bids for 3,821.62 lakh shares. This implies an overall subscription of 2.29X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Canara HSBC Life Insurance Company Ltd was as under:
| Employees (2.06X) | QIBs (7.05X) | HNI / NII (0.33X) | Retail (0.42X) |
The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day. However, in this case, the momentum was only seen in QIB bids; since the retail portion and the HNI / NII portion got undersubscribed. Generally, the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 7,07,85,000 | 7,07,85,000 | 750.32 |
| Employee Quota | 2.06 | 15,50,000 | 31,89,200 | 33.81 |
| QIB Investors | 7.05 | 4,71,90,000 | 33,28,94,520 | 3,528.68 |
| HNIs / NIIs | 0.33 | 3,53,92,500 | 1,17,54,540 | 124.60 |
| Retail Investors | 0.42 | 8,25,82,500 | 3,43,23,940 | 363.83 |
| Total | 2.29 | 16,67,15,000 | 38,21,62,200 | 4,050.92 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO was open up to October 14, 2025, and the IPO subscription has closed as of the close of trading on October 14, 2025. The table above captures the full and final subscription status of Canara HSBC Life Insurance Company Ltd as confirmed by the exchanges at 7.00 pm on October 14, 2025; the final cut-off time. Since the HNI / NII and the Retail portion got undersubscribed; the balance portion will be allocated to QIBs.
About the Canara HSBC Life Insurance Company Ltd
The IPO of Canara HSBC Life Insurance Company Ltd opened on October 10th, 2025 and closed on October 14th, 2025. The IPO comprised entirely of an offer for sale (OFS) of 23,75,00,000 shares (2,375.00 lakh shares) worth ₹2,517.50 crore at the upper band price of ₹106 per share. The allotment status will be finalized by EOD of October 15, 2025. Here is how to check allotment status for the IPO of Canara HSBC Life Insurance Company Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies).
Checking The Allotment Status of IPO on BSE Website
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity Option
- Under Issue Name – Select Canara HSBC Life Insurance Company Ltd from the drop-down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip
- Alternatively, Enter your PAN (10-digit alphanumeric) number
- Once this is done, you need to click on the Captcha to verify you are not a robot
- Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Canara HSBC Life Insurance Company Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
Checking The Allotment Status of IPO on NSE Website
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity & SME IPO Details Option
- Under SELECT SYMBOL – Select CANHLIFE from the drop-down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip
- Enter your PAN (10-digit alphanumeric) number
- Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Canara HSBC Life Insurance Company Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
Checking Allotment Status of IPO on KFIN Technologies Ltd
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Canara HSBC Life Insurance Company Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
- Enter the Application Number as it is
- Enter the 6-digit Captcha Code
- Click on Submit button
- Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
- First select the depository (NSDL / CDSL)
- Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
- Enter the Client-ID in the second box
- For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
- Enter the 6-digit Captcha Code
- Click on Submit button
- Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
- Enter the 10-Character PAN number, available on your PAN card
- After you enter the PAN number, Enter the 6-digit numeric Captcha Code
- Click on Submit button
- Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
Flat Listing For Canara Hsbc Life Insurance Company Ltd
Canara HSBC Life Insurance Company Ltd had a flat listing on 17th October 2025. On the NSE, the stock of Canara HSBC Life Insurance Company Ltd listed at ₹106, which also happens to be the IPO issue price. The issue was subscribed just 2.29 times overall at the close of the IPO, so opening sentiments being tepid was along expected lines. However, had the market sentiments been stronger, post listing performance could have been better.
On the BSE also, the listing of Canara HSBC Life Insurance Company Ltd was flat. Against the issue price of ₹106 per share, the stock listed at ₹106 per share. The stock of Canara HSBC Life Insurance Company Ltd is on T+1 rolling settlement system.
How The Stock of Canara HSBC Life Insurance Company Ltd Moved During The Day?
After opening flat at ₹106 per share on the NSE, the stock traded above the listing price through the trading day. During the day, the stock of Canara HSBC Life Insurance Company Ltd touched a high of ₹112.80 and an intraday low of ₹106. On the NSE, the upper circuit band of the stock is set at ₹127.20 while the lower circuit band is set at ₹84.80 per share. Effectively, the listing price became the low price for the trading day.
What about the BSE? After opening flat at ₹106 per share on the BSE, the stock hovered in a broad range between the opening price and the upper circuit. During the day, the stock of Canara HSBC Life Insurance Company Ltd touched a high of ₹112.75 and an intraday low of ₹105.95. On the BSE, the upper circuit band of the stock is set at ₹127.15 while the lower circuit band is set at ₹84.80 per share. Even on BSE, the stock remained above the listing price for better part of the day.
How Did The Stock Of Canara HSBC Life Insurance Company Ltd Close on Listing Day?
Here is how the stock of Canara HSBC Life Insurance Company Ltd closed on the NSE. The closing price of ₹112 per share is at a premium of 5.66% to the IPO issue price and also at a premium of 5.66% to the listing price of ₹106 per share on the NSE. The company had a market cap of ₹10,640 crore at close. During the day, the stock of Canara HSBC Life Insurance Company Ltd traded 631.61 lakh shares on the NSE, with total traded value of ₹692.18 crore. Deliveries were 59.48% of the total volumes on NSE.
Here is how the stock of Canara HSBC Life Insurance Company Ltd closed on the BSE. The closing price of ₹111.50 per share is at a premium of 5.19% to the IPO issue price and also a premium of 5.19% to the listing price of ͭ₹106 on the BSE. The company had a market cap of ₹10,593 crore as of close. During the day, the stock of Canara HSBC Life Insurance Company Ltd traded 50.77 lakh shares on the BSE, having a total traded value of ₹55.67 crore. Deliveries were 49.32% on the BSE.
The stock trades under the codes: NSE (CANHLIFE), BSE (544583), ISIN (INE01TY01017).
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