SBI Life files for IPO; seen raising more than $1 billion

17 Juillet, 2017, 17:06 | Author: Cyril Hebras
  • SBI Life files for IPO; seen raising more than $1 billion

SBI Life Insurance, the subsidiary of country's largest lender State Bank of India, has filed draft red herring prospectus with capital market regulator SEBI for initial public offering, reports CNBC-TV18.

SBI intends to offload 8 percent stake in the venture while the other partner, BNP Paribas Cardif, will sell 4 percent, totalling 120 million equity shares, the business daily said.

The insurance company will sell up to 12 crore equity shares through public issue. SBI Life will not receive any proceeds from the IPO.

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Once it lists on the bourses, it would be the second direct listing of an insurance company after ICICI Prudential Life Insurance.

Last week, ICICI Lombard General Insurance filed DRHP with SEBI for an IPO. SBI Life's profit after tax increased at a CAGR (compounded annual growth rate) of 8.24% from ₹ 8,148.67 million in fiscal 2015 (2014-15) to Rs 9546.53 million in fiscal 2017 (2016-17). A reservation of up to 1.2 crore shares, constituting up to 10% of the offer, for purchase by State Bank shareholders for cash is also being made.

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