SBI Life To Hit Primary Market With One Of The Biggest IPO

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SBI Life is likely to hit the primary market and raise a total of Rs. 8500-9000 crore from the public. The company has filed Draft Red Herring Prospectus or DRHP with the SEBI for its final nod.

The IPO will comprise an offer for sale of 120 million equity shares of face value of Rs. 10 per share. The sale shall be enacted by SBI and BNP Paribas Cardiff and each shall be selling 80 million and 40 million equity shares respectively.

SBI Life To Hit Primary Market With One Of The Biggest IPO

Further as in the offer for sale, employee participation is also relaxed, a reservation to this effect has been made, wherein employees of the company shall be keeping a reservation of a maximum of 2 million shares that could be purchased by eligible employees at a discounted price on the offer. Also, for shareholders in the company, the reservation for a maximum of 12 million equity shares has been made.

The lead managers to the issue are JM Financial Institutional Securities Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, Deutsche Equities India Private Limited, BNP Paribas, SBI Capital Markets Limited and Kotak Mahindra Capital Company Limited

SBI Life is a joint venture company of SBI and BNPPC with a net profit of Rs. 955 crore for the FY17.

The company would be the second to list on the exchanges after ICICI Pru in the insurance space.

Read more about: ipo, insurance, sbi life, ofs
Story first published: Tuesday, July 18, 2017, 10:43 [IST]
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