SBI Life Insurance, a unit of India’s largest lender, State Bank of India, on Wednesday announced the country’s first billion-dollar IPO since 2010.
SBI Life Insurance is seeking to raise ₹8,400 crore ($1.3 billion) from the sale of 8 per cent stake of SBI and 4 per cent stake held by BNP Paribas Cardif (BNPPC). SBI currently holds 70.10 per cent in SBI Life while 26 per cent is held by BNPPC. The balance 4 per cent stake is owned by KKR and Temasek.
The issue will open on September 20 and close on September 22. The price band has been set at ₹685-700 an equity share with a minimum bid of 21 equity shares.
SBI Life will become the second life insurer to go public after the listing of ICICI Prudential Life Insurance last year.