IndiaFirst Life Insurance IPO gets SEBI approval

21 Mar 2023 , 12:18 PM

IndiaFirst Life Insurance, which is promoted by Bank of Baroda, has obtained the final clearance from the Securities and Exchange Board of India (SEBI) to gather funds via an initial public offering (IPO).

As part of the public offering, IndiaFirst Life Insurance plans to raise funds by issuing new equity shares valued at a maximum of Rs 500 crore. The promoters and other shareholders intend to sell up to 141,299,422 equity shares through an offer-for-sale (OFS).

As per the offer-for-sale (OFS) component of the public issue, Bank of Baroda plans to sell approximately 89,015,734 equity shares, while Carmel Point Investments intends to offload 39,227,273 equity shares. Union Bank of India will also participate in the OFS and plans to offer for sale 13,056,415 equity shares.

The company will use proceeds from the fresh issue towards augmentation of its capital base to support solvency levels.

It has recorded its highest five-year growth in terms of New Business IRP amongst life insurers with PSU bank percentage, with a CAGR of 27.3% between fiscal 2017 to fiscal 2022.

ICICI Securities Limited, Ambit Private Limited, BNP Paribas, BOB Capital Markets Limited, HSBC Securities and Capital Markets (India) Private Limited, Jefferies India Private Limited and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer.

The equity shares of proposed IPO to be listed on BSE and NSE.

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