IndiaFirst Life Insurance files DRHP for IPO

25 Oct 2022 , 09:50 AM

IndiaFirst Life Insurance, which is supported by Bank of Baroda, or BoB, has submitted its draft red herring prospectus to the market regulator, Securities and Exchange Board of India (Sebi), in preparation for an initial public offering (IPO) this year. The IPO will include a fresh issue of Rs500 crore and an offer to sell 141.2 million shares.

IndiaFirst Life is the third insurer to submit draft papers for an IPO to the market regulator this year, following Life Insurance Corporation and Go Digit Insurance.

In the offer for sale, the promoters, Bank of Baroda (BoB) and Carmel Point Investments Pvt Ltd, would sell 89 million shares each and 39.22 million shares altogether. 13.05 million shares will be sold by the Union Bank of India during the share sale procedure.

The insurer will increase its capital base to support solvency levels using the proceeds from the new offering. Additionally, the proceeds from the new issue will be used to pay for the costs associated with the offer.

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