State Bank of India’s insurance arm, SBI Life Insurance got started with its IPO. The IPO issue by the insurance company got 13% subscription or 13x. As of today, the issue stands at 8,82,00,000 shares.
During the day there were bids for 1,10,52,447 shares. And in total there were bids for 79,30,503 shares at the cut-off price. So SBI Life Insurance was able to raise Rs. 2226 crores on Tuesday when it allotted 3.18 crores shares to 69 anchor investors.
The promoters of SBI Life, State Bank of India and BNP Paribas Cardif offloaded about 12 crores shares for the issue. The motive of the IPO was to benefit from listing the shares in the equity market.
The issue expects to enhance the brand value of SBI Life and provide more liquidity options for its shareholders. SBI Life will not receive any proceeds from the IPO.
The leading managers for the IPO include names such as JM Financial Institutional Securities Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited.
SBI offers various insurance plans, you may love them. So if you want to get more info about SBI insurance plans you should check out links below:
- SBI Pension Plans
- SBI Health Insurance Plans
- Term Insurance Plans By SBI
- SBI Child Education Plan
- SBI Investment Plans
So I hope you will get all the details about SBI insurance plans by visiting links above.