Canara HSBC Life Insurance Company Ltd is expected to finalise the basis of share allotment for its initial public offering (IPO) on Wednesday, October 15, following strong investor demand.

The ₹2,517.5-crore IPO was entirely an offer-for-sale (OFS) of 23.75 crore shares by the company’s three shareholders — Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and Punjab National Bank. As the issue did not include any fresh share issuance, the proceeds will go entirely to the selling shareholders and not the company.

The mainboard issue was open for subscription from October 10 to October 14. The IPO was overall subscribed 2.29 times, with bids for more than 38.21 crore shares against the 16.67 crore shares offered, as per NSE data.

Investor interest was led by Qualified Institutional B

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