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IPO Alert: HDFC Standard Life Files IPO Papers With Sebi


HDFC Standard Life Insurance has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 7,500 crore through an initial public offering.


The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips or 5.42 per cent holding by Standard Life Mauritius, according to the draft red herring prospectus (DRHP) filed with Sebi.

IPO Alert: HDFC Standard Life Files IPO Papers With Sebi

Currently, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 35 per cent, while the remaining is with employees and PremjiInvest. According to sources, the initial public offer (IPO) is expected to be worth Rs 7,500 crore. This is the third insurance company to file draft IPO papers with Sebi this month. The other two are New India Assurance Company and General Insurance Corporation of India. SBI Life To Hit Primary Market With One Of The Biggest IPO

"The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges. "The listing of equity shares will enhance the 'HDFC Life' brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India," HDFC Standard Life said. HDFC Standard Life Insurance is a joint venture in the ratio of 61.5:35 between India 's biggest mortgage lender HDFC Ltd and UK's Standard Life. Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India) Pvt Ltd, CLSA India, Nomura Financial Advisory and Securities (India) Pvt Ltd are the global co- ordinators, while Edelweiss Financial Services, Haitong Securities, IDFC Bank, IIFL Holdings, UBS Securities are the book running lead managers to the issue. Last month, HDFC Standard Life had announced its plan to list its shares through an IPO and put on hold its proposed merger with Max Life in the absence of regulatory approval.


The board of HDFC Standard Life on July 17 approved an enabling resolution for an IPO by way of offer for sale by HDFC and Standard Life in the ratio as mutually agreed amongst them up to a maximum of 20 per cent of the paid-up capital. Last month, ICICI Lombard General Insurance Company and SBI Life Insurance Company had approached Sebi to launch their respective initial public offers.

Read more about: ipo hdfc standard life
Story first published: Saturday, August 19, 2017, 13:00 [IST]
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