HDFC Standard Life Insurance Company on Tuesday rose above the 400 level for the first time, two sessions after the stock made its market debut on BSE and NSE. On Tuesday, the stock gained as much as 18 per cent to hit an all-time high of Rs 417.65 before settling at Rs 385.50, up 8.62 per cent. At 3:07 pm, the stock was trading 8.50 percent or 30.15 points higher at 385 level on the BSE. The stock is up 24.42 percent since its listing on the bourses. It closed 8.62 percent or 30.60 points higher at 385.80 on the BSE. Earlier in the day, the stock hit a new all-time high of 417.65 level at 12:39 pm. Shares of newly listed HDFC Standard Life Insurance have gained 44 per cent from its offer price in the past three trading session following strong buying from the long-only funds, according to brokers. The stock listed with an over 7 per cent premium on November 17 against its issue price of Rs 290. The stock debuted at Rs 311, up 7.24 per cent from the issue price on the BSE. The company's market valuation stood at Rs 69,671.19 crore. The Rs 8,695-crore IPO of the company was subscribed 4.90 times during November 7-9. The qualified institutional buyers (QIBs) portion was oversubscribed 16.60 times, non-institutional investors 2.29 times and retail investors 94 per cent, data available with the NSE showed. Price band for the offer was fixed at Rs 275-290 per share. The IPO comprised sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius. HDFC Standard Life was established as a joint venture between HDFC and Standard Life Aberdeen plc (global investment company), initially through its wholly owned subsidiary The Standard Life Assurance Company and now through its wholly owned subsidiary, Standard Life Mauritius. The company has a pan-India presence, comprising 414 branches across India as of September 30, supported by a workforce of 16,544 full-time employees. The global coordinators and book running lead managers of the IPO are Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India). The book running lead managers are Edelweiss Financial Services, Haitong Securities India, IDFC Bank, IIFL Holdings and UBS Securities India.