SINGAPORE (Sept 20): SBI Life Insurance, a joint venture between State Bank of India and BNP Paribas Cardiff, is said to have received strong initial responses to the launch of its initial public offering (IPO) today.

Singapore’s sovereign wealth fund GIC bought about 1.6 million shares, out of the 31.8 million shares sold by SBI Life Insurance at INR 700 ($14.60) each to a total of 69 anchor investors, according to Dow Jones Newswires. 

Aranda Investments, a subsidiary of Temasek Holdings, bought 1.4 million shares.

This would imply that GIC and Aranda have forked out about $23.4 million and $20.5 million for their shares in the company, respectively.

The private life insurance firm’s IPO of $1.3 billion, which opened on Sept 20, is set be the biggest in India in seven years.

It is also the fourth-largest IPO by issue size.

Canada Pension Plan Investment Board has been named as the second largest investor among the group with its purchase of 2.2 million shares, although the largest investor has not been identified. 

Dow Jones says sovereign wealth funds including those of Abu Dhabi, Kuwait, and Norway had taken up share allocations with the IPO opening today, alongside money managers BlackRock, Wells Fargo, and HSBC.