IPO Alert: SBI Life Insurance files draft for IPO  

India Infoline News Service | Mumbai | July 17, 2017 16:04 IST

SBI Life Insurance Company has filed draft paper for an initial public offer (IPO). The IPO will be for up to 12 crore equity shares.

SBI Life Insurance Company has filed draft paper for an initial public offer (IPO). The IPO will be for up to 12 crore equity shares. The company’s shares offered through a red herring prospectus are proposed to be listed on the BSE and NSE.
 
The IPO will comprise an offer for sale by State Bank of India and BNP Paribas Cardif S.A. of up to 8 crore shares and up to 4 crore shares respectively.
 
There are JM Financial, Axis Capital, BNP Paribas, Citi Group and Deutsche Equities India are book running lead managers for the IPO.
 
Once it lists on the bourses, it would be the second direct listing of an insurance company after ICICI Prudential Life Insurance. ICICI Prudential Life Insurance started trading in September 2016 which is the only insurance company listed on the bourses.
 
SBI Life Insurance is a joint venture between State Bank of India (SBI) with 74% stake and BNP Paribas Cardif with the remaining 26%.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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