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SBI Life Insurance Files IPO Draft Papers With SEBI

SBI Life Insurance Files IPO Draft Papers With SEBI:

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.

The filing did not mention how much the IPO would raise, although bankers have previously said it would likely raise more than $1 billion.

SBI Life, which is 74% owned by SBI and 26% by BNP Paribas Cardif, will not receive any proceeds from the IPO.

The insurance company will sell up to 12 crore equity shares through public issue.

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.

Axis Capital, BNP Paribas, Citi, Deutsche Bank, ICICI Securities, JM Financial, Kotak Investment Banking and SBI Capital Markets are managing the issue.

Recently Insurance Regulatory and Development Authority has given an in-principle approval for the IPO of SBI’s life insurance subsidiary.

SBI Life would be the second direct listing of an insurance company. So far ICICI Prudential Life Insurance (which started trading in September last year) is the only insurance company listed on exchanges.

It has market share of 17.3 percent in private insurance space and a total market share of 5.1 percent for the financial year 2015-16.

The company posted a profit of Rs 861 crore in FY16, registering a growth of 5 percent over previous year.

Last week, ICICI Lombard General Insurance filed DRHP with SEBI for an IPO. It will be the first IPO by a non-life insurance company in India.

Market Update:

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Eris Lifesciences Ltd IPO (ELL IPO) lists at par. Now Central Depository Services Ltd IPO (CDSL IPO) also listed at over 75% premium.

Au Financiers Ltd (AUFL) IPO also able to list successfully and gave its investors over 51% listing gains.

Now Salasar Techno Engineering Ltd IPO (STEL IPO) bidding completed successfully on July 17, 2017. Now Salasar Techno Engineering IPO Allotment and Listing will be in process.

Current Grey Market Premium (GMP) Of Salasar Techno Engineering Ltd (STEL) IPO is trading at Rs 98 – Rs 100 per equity share.

Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insuranceSBI life insurance IPO etc.

Keep watching this blog to keep yourself updated with all the news.

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