SBI Life Insurance IPO opens from Sep 20, 2017, aims to raise Rs.70000 crores - Indian IPO Blog

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Wednesday, September 13, 2017

SBI Life Insurance IPO opens from Sep 20, 2017, aims to raise Rs.70000 crores

SBI Life Insurance Company Limited, private life insurer, promoted by State Bank of India, is coming up with an IPO of equity shares which is going to hit the streets soon. SBI Life Insurance is a joint venture between the State Bank and BNPPC.

State Bank is India's largest commercial bank. BNPPC, an insurance subsidiary of BNP Paribas, with operations across 36 jurisdictions internationally, is among the leading credit life insurance businesses globally. BNP Paribas is in top 10 global financial institution in terms of revenue

SBI Life has product a portfolio of 37 individual and group products, including a range of protection and savings products to address the insurance needs of diverse customer segments.

The insurer has priced its shares in a range of Rs.685 to Rs.700 a share. At the upper end of this price band, the initial share sale values the firm at Rs.70,000 crore. This is significantly higher than its Rs.46,000 crore valuation in December, when the insurer sold a 3.9% stake to investors KKR and Co. Lp and Temasek Holdings Pte Ltd for around Rs.1,794 crore

The IPO would be open for subscription between Sep 20, 2017 and Sep 22, 2017 and minimum bid lot would be of 21 Equity shares and in multiples thereof

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