India's Canara HSBC Life Insurance lists at issue price in tepid debut

India's Canara HSBC Life Insurance (CANR.NS) listed at its issue price of 106 rupees on Friday, in a sign of a weak debut for the Canara Bank-promoted entity in a busy IPO market.

The company, a joint venture between Canara Bank CANBK and HSBC Insurance (Asia-Pacific) Holdings, had struggled to garner bids from retail and non-institutional investors earlier this week.

High dependence on promoter Canara Bank for new business premiums, unattractive valuations and a crowded IPO market clouded the insurer's prospects, analysts said.