SBI Life Looking at Raising $1million after filing for IPO

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Like several other insurance companies, SBI Life too on Monday issued its red herring prospectus for its IPO. No primary capital is being raised by SBI. As a part of the offer for sale, BNP Paribas and SBI will sell 40 million and 80 million shares respectively, which will amount to a 12% stake.

With the IPO, it is estimated that the insurer will be able to raise Rs. 65,000 crore ($1million). To manage the share sale, the insurance company has hired Axis Capital Ltd, JM Financial Institutional Securities Ltd, Deutsche Equities India Pvt. Ltd, Citigroup Global Markets India Pvt. Ltd, SBI Capital Markets Ltd, Kotak Mahindra Capital Co Ltd, ICICI Securities Ltd and Karvy Computershare Pvt. Ltd.

SBI Life was set up in Mumbai in 2001, as a joint venture between BNP Paribas Cardiff and State Bank of India. A wide range of pension and life insurance products are offered by the company. For Rs. 1794 crore, a 3.9% stake was sold to investors Temasek and KKR in December.

Thomson Reuters has released a report which states that in the first six months of the year, Indian companies have sold equity and equity linked securities raising a total of $10million. ICICI Prudential Life Insurance Company Ltd raised Rs.6000 crore from its IPO last year, and SBI Life will be second life insurance company to do so. The next company planning to list is Reliance General Insurance.

Source:-http://www.livemint.com/Companies/w3jV59brzOb1p5YEMtBe8M/SBI-Life-files-for-IPO-seen-raising-more-than-1-billion.html

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