IPO Alert: SBI Life Insurance files draft for IPO

Barsaba Taglieri
Luglio 17, 2017

The company, in which State Bank of India (SBI) has 70 percent stake, has filed for its initial public offering (IPO), according to the Mint. The IPO will be for up to 12 crore equity shares.

SBI will sell up to 8 crore shares or 8 percent stake in the insurance unit while BNP Paribas Cardit will sell up to 4 percent stake or 4 crore shares, according to prospectus. SBI Life was established as a joint venture between SBI, the country's largest bank, and BNP Paribas Cardiff in 2001.

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. "Depending on the market conditions, SBI Life Insurance will consider an IPO in 2017-18", Arijit Basu, MD and CEO of SBI Life, had said. So far ICICI Prudential Life Insurance (which started trading in September last year) is the only insurance company listed on exchanges.

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